As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and price action patterns in various cryptocurrencies, including Ripple (XRP). Based on the current analysis of XRP’s daily and 4-hour charts, it appears that the coin is consolidating within a narrow range above the crucial support region of $0.47.
Ripple remains stable above the significant support level of $0.47, moving between tight boundaries in a triangular sideways trend.
Based on current price behavior, there might be a brief period of sideways movement ahead in the near term. The eventual direction of the next breakout will influence the market trend in the long run.
XRP Analysis
By Shayan
The Daily Chart
An examination of Ripple’s daily chart reveals that it has been trading in a narrow range around the significant support level of $0.47. This price point corresponds to the lower edge of a long-term triangle formation.
Lately, the price has shown increased instability around this support level, nearing the smallest span of the triangle. This situation highlights the possibility of an imminent rupture, and the way this rupture unfolds will signal XRP‘s future trend.
If a bearish breakdown takes place, there’s a high probability of a significant and swift drop in price. This downturn could lead to a long squeeze situation, intensifying the bearish trend even further. In such a scenario, the next key resistance level for the price would be around $0.41.
The 4-Hour Chart
The 4-hour chart for Ripple’s price shows significant price swings, resulting in an ascending flag formation after increased volatility around the pivotal $0.47 level.
If broken from below, this trendline usually signals the persistence of the original downtrend.
As an analyst, if selling pressure intensifies and the price falls below the established pattern’s lower threshold, hitting the significant support level at $0.47, then the bearish trend is expected to persist. In this situation, the next potential resistance level would be the previous major swing low at $0.41.
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2024-06-21 14:39