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In the cryptocurrency market, a slight recovery in the last 24 hours is noticeable, and Ripple, closely watched by many investors, is currently in a long-term consolidation phase, hovering near a decisive support zone with minimal volatility and slight movements. A near-term breakout is likely to indicate the upcoming trend for XRP.
XRP Daily Chart Analysis
XRP daily chart analysis reveals that Ripple’s price is consolidating between significant support at $0.47 and critical resistance at $0.55, forming a sideways triangle pattern. The upper boundary of the range aligns with the 100-day and 200-day moving averages, making it a decisive supply level and continuing to act as strong resistance.
The price is currently hovering around $0.47, the lower boundary of the triangle, approaching the narrow range of the pattern with minimal volatility. This process indicates a balance between buyers and sellers and continues to signal an imminent breakout. The direction of this breakout is likely to determine Ripple’s mid-term trend.
XRP 4-Hour Chart Analysis
The recent price action on the four-hour chart shows a breakdown below a rising trend line that lasted several weeks, followed by a pullback to the broken level and a subsequent retreat. This development indicates a bearish trend in the market, leading to pullbacks and volatility as sellers maintain dominance.
On the other hand, the price typically formed a rising flag pattern, signaling the continuation of the previous downtrend. XRP price is approaching a critical junction at the lower boundary of the rising flag pattern, aligned with the critical support level of $0.47.
A breakdown below this junction is likely to trigger a gradual effect, with the next target being significant support at $0.42. Additionally, any development in the ongoing legal process between the SEC and Ripple Labs could also affect the XRP price.
