XRP Price Analysis: Massive Move Imminent for Ripple Following Consolidation at $0.5

The NFT Unicorn XRP-D-4 XRP Price Analysis: Massive Move Imminent for Ripple Following Consolidation at $0.5 Crypto News

Ripple is currently in a prolonged consolidation phase, hovering near a decisive support region with minimal volatility and slight movements. An imminent breakout is expected, with its direction likely indicating the upcoming trend.

By Shayan

The Daily Chart

A detailed examination of the daily chart reveals that Ripple has been consolidating between the substantial support of $0.47 and the crucial resistance of $0.55, with the price forming a sideways triangle pattern.

On the other hand, the range’s upper boundary also aligns with the 100-day and 200-day moving averages, making it a decisive level of supply and acting as robust resistance.

The price is currently hovering around the triangle’s lower boundary at $0.47, approaching the narrow range of the pattern with minimal volatility. This action indicates a balance between buyers and sellers and hints at an imminent breakout. The direction of this breakout will likely determine Ripple’s trend in the mid-term.

Source: TradingView

The 4-Hour Chart

On 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 development indicates a bearish sentiment in the market, with sellers maintaining dominance, leading to retracements and fluctuations. On the other hand, the price has formed an ascending flag pattern, typically signaling a continuation of the preceding bearish trend.

The price is nearing a critical juncture at the lower boundary of the ascending flag pattern, which aligns with the crucial support level of $0.47. A breakout below this juncture would likely trigger a cascade effect, with the next target being the significant support at $0.42.

The NFT Unicorn svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAxODM1IDg3MiIgd2lkdGg9IjE4MzUiIGhlaWdodD0iODcyIiBkYXRhLXU9Imh0dHBzJTNBJTJGJTJGY3J5cHRvcG90YXRvLmNvbSUyRndwLWNvbnRlbnQlMkZ1cGxvYWRzJTJGMjAyNCUyRjA2JTJGWFJQLTRILTQuanBnIiBkYXRhLXc9IjE4MzUiIGRhdGEtaD0iODcyIiBkYXRhLWJpcD0iIj48L3N2Zz4= XRP Price Analysis: Massive Move Imminent for Ripple Following Consolidation at $0.5 Crypto News
Source: TradingView

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Source: CryptoPotato