Viewpoint: Ripple has recently fallen 34% and may enter a consolidation period

According to CryptoPotato, Ripple has experienced a significant decline recently, with a decline of 34%, falling below the 100-day and 200-day moving averages and a multi-month upward trend line. However, it seems likely that prices will enter a period of consolidation in the short term, followed by increased volatility. Analyst Shayan’s daily chart analysis shows that Ripple encountered intensified selling pressure, leading to a sharp decline. Following this decline, the price broke above several key support levels, including the 100- and 200-day moving averages and the multi-month uptrend line. However, Ripple eventually stabilized near the key support area of ​​$0.47, an area that attracted significant demand. Currently, Ripple is undergoing a pullback against the broken trendline. If this pullback is successful, it will be a continuation of the bear market trend. However, the broader outlook for the cryptocurrency suggests that the price may consolidate sideways near the key $0.47 mark.