Ripple (XRP) is under significant selling pressure as market participants attempt to push the price below the critical $0.47 level. This level represents the lower limit of an important triangle formation that has not been broken despite frequent testing. These constant attempts reveal the prevailing bearish trend in the market.
Important Technical Insights from the Daily Chart
When Ripple's daily chart is examined, sellers' efforts to overcome a critical support zone that has remained strong since mid-April are noteworthy. This support zone consists of the static $0.47 level and dynamic support provided by the lower border of the triangle. If the bear momentum becomes strong enough to break this support, a sharp decline could be triggered and many long positions could be liquidated.
On the other hand, if market activity remains low, XRP may continue its current consolidation phase with minimal volatility. Decreased trading volumes may delay significant price movements and prolong sideways movements.
Latest Developments on 4-Hour Chart
Examining the 4-hour chart, the latest data shows that after the horizontal trading period and the rising flag formation, sellers were successful in pushing XRP below the lower limit of the flag. This move signals increasing bear pressure and indicates the possibility of further declines. XRP is currently near the critical $0.47 support level. Breaking this level could lead to a significant decline, but the future direction of Ripple price will largely depend on its behavior in this critical support area.
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