Ripple price has been hovering around the critical $0.47 support level, experiencing minor volatility and sideways movements. This price range has consistently supported XRP, suggesting significant demand and raising the possibility of a medium-term bullish reversal.

XRP Analysis

Author: Shayan

Daily chart

A detailed analysis of the daily chart shows that Ripple is consolidating within a sideways triangle pattern, indicating a balance between buying and selling pressure and uncertainty about the overall trend direction.

Recently, the price reached the lower boundary of this pattern at $0.47, with sellers finding it difficult to break below this critical threshold.

This range has been in solid support since May 2023, highlighting ongoing demand and buying pressure. Therefore, a bullish reversal seems likely in the medium term, which could lead to minor bullish moves towards the upper boundary of the triangle.

Conversely, a sudden break below this critical support level could trigger significant long-term liquidation, causing a sharp decline in the short term.

4 hour chart

On the 4-hour chart, Ripple is showing a brief sideways phase and uncertain price action around the important $0.47 support range, forming a bearish flag continuation pattern.

The price recently dropped to the lower trend line of the pattern and the key support area of ​​$0.47.

If sellers manage to break through this level, a significant and rapid bearish move is expected. However, the MACD indicator has recently turned green, indicating a potential bullish rebound. This signal, combined with the prevailing demand near this critical support, suggests increased buying pressure and the possibility of a medium-term bullish reversal.