Ripple's Price Faces Downward Trajectory Amid Increased Selling Pressure

According to CryptoPotato, Ripple's price has experienced increased selling pressure due to recent market movements, resulting in a decline below the significant 100-day and 200-day moving averages and completing a pullback. Despite this, indications suggest a continued downward trajectory in the mid-term. A detailed analysis of the daily chart reveals a notable decrease in Ripple's price, breaking its multi-month sideways consolidation range and successfully completing a pullback. The intensified selling pressure also led to the breaking of a substantial support zone, including the 100 and 200-day moving averages, raising concerns about Ripple's mid-term direction. Considering the current price action and market conditions, the likelihood of the recent decline persisting is high, with the goal of breaching the significant multi-month support region at $0.48. A successful break below this critical range could potentially set Ripple on a prolonged downward trajectory, instigating fear and uncertainty in the market. A closer analysis of the 4-hour chart reveals an impulsive breach below the lower boundary of the multi-week sideways wedge, highlighting the dominance of sellers in the market. However, the price has reached a pivotal support region determined by the multi-month ascending trendline. This trendline has proven to be a strong support, stopping multiple downward attempts. Currently, as the price intersects this crucial trendline and the static support zone at $0.52, there is a notable potential for a reversal, leading to a sideways consolidation phase. Nevertheless, given the prevailing strength of sellers in the current market conditions, the possibility of a break below this crucial support region remains, potentially prolonging the ongoing downward trend. In such a scenario, the next critical support level for the price would be at $0.48.