Ripple’s price action in both the daily and 4-hour charts suggests an imminent breakout as the cryptocurrency hovers near key support levels. The daily chart shows Ripple consolidating between $0.47 and $0.55, forming a sideways triangle pattern. The upper boundary of this range aligns with the 100-day and 200-day moving averages, making it a strong resistance level. The price is currently at the lower boundary of the triangle at $0.47, indicating a balance between buyers and sellers and hinting at a potential breakout that will determine Ripple’s trend in the medium term.
Looking at the 4-hour chart, recent price action shows a break below a multi-week ascending trendline, followed by a retracement to the broken level, completing a pullback. This bearish development indicates that sellers are dominating the market, leading to retracements and fluctuations. Additionally, an ascending flag pattern has formed, typically signaling a continuation of the bearish trend. The price is approaching a critical juncture at the lower boundary of the ascending flag pattern, which coincides with the crucial support level of $0.47. A breakout below this level could trigger a cascade effect, with the next significant support at $0.42.
In summary, Ripple is in a consolidation phase with minimal volatility, indicating a potential breakout on the horizon. The daily chart shows the cryptocurrency consolidating between $0.47 and $0.55, while the 4-hour chart suggests a bearish sentiment with sellers dominating the market. A breakout below the $0.47 support level could lead to further downward movement towards $0.42. Traders and investors should keep a close eye on Ripple’s price action in the coming days to anticipate the direction of the breakout and plan their strategies accordingly.
