XRP must defend this crucial support zone under severe selling pressure volatile price analysis

CoinDesk Reports:
Ripple sellers have been struggling for quite some time to push the price below the critical point of $0.47 and the lower limit of the triangle pattern.
However, a bearish breakout could trigger a series of events, liquidating a significant number of long positions.
XRP Analysis
Author: Shayan
Daily Chart
A detailed examination of the daily chart shows that since mid-April, Ripple sellers have been attempting to break through a crucial support area that has been supporting the asset. This key area includes the static support at $0.47 and the dynamic support at the lower limit of the triangle.
Given the overall bearish sentiment in the market, a bearish breakout could lead to a significant collapse, resulting in the liquidation of many long positions in the market. However, if market activity remains subdued, the current consolidation phase may continue with minimal volatility.
4-Hour Chart
On the 4-hour chart, the recent price action indicates that after a period of consolidation and the formation of a flag pattern, sellers gained momentum and pushed XRP below the lower boundary of the flag.
This indicates a bearish market, with sellers eager to push the price to lower levels. Ripple is currently hovering near the crucial support area of $0.47. If sellers break through this key level, a significant drop is likely. However, the upcoming trend for Ripple will depend on the price action near this crucial support area.