Ripple sellers have struggled to push the price below the critical $0.47 mark and the lower boundary of a triangle pattern for an extended period.
However, a bearish breakout could trigger a cascade, liquidating numerous long positions.XRP Analysis
By ShayanThe Daily Chart
A detailed examination of the daily chart shows that Ripple sellers have been attempting to breach a significant support region that has aided the asset since mid-April. This crucial zone includes the $0.47 static support and the dynamic support of the triangle’s lower boundary.
Given the overall bearish sentiment in the market, a bearish breakout could lead to a substantial crash, liquidating many long positions in the perpetual markets. However, if market activity remains low, there is still potential for the current consolidation stage to continue with minimal volatility.
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The 4-Hour Chart
On the 4-hour chart, recent price action indicates that following a sideways consolidation stage and the formation of an ascending flag pattern, sellers gained momentum, pushing XRP below the flag’s lower boundary.
This suggests a bearish market state, with sellers eager to drive the price toward lower thresholds. Ripple is currently hovering around a critical support region at $0.47. If sellers breach this crucial mark, a massive plummet is likely. However, Ripple’s upcoming trend direction will depend on the price action near this crucial support zone.
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