Investors are closely watching Ripple’s XRP, anticipating a potential surge in value, as highlighted by analyst JackTheRippler. The XRP/USD chart reveals a long-term descending triangle pattern, suggesting a consolidation period with the possibility of a significant breakout.

On Thursday, XRP's price sits around $0.516205, just below the descending trendline. This positions XRP at a critical juncture, with key support and resistance levels indicating potential future movements.

The primary support level for XRP is at $0.30, a strong foundation that has seen multiple rebounds since late 2020, indicating substantial buying interest. Breaching this level could signal a continuation of bearish sentiment. Another notable support level is at $0.40, historically serving as an intermediary support.

On the resistance side, the immediate hurdle is at $0.55, marked by the descending trendline. Breaking above this level could indicate a trend reversal, leading to a bullish phase. Further resistance is at $1.00, a psychological barrier reached during the previous bull run. Surpassing this threshold could attract significant buying activity. Additionally, the $1.50 mark serves as a tertiary resistance, tested during the highs of 2021, and a breakthrough here could signal a substantial bullish breakout, potentially leading to new all-time highs.

The descending triangle pattern often resolves with a breakout. A decisive move above $0.55, accompanied by significant volume, could trigger a bullish reversal. Conversely, failing to breach the descending trendline might lead to further consolidation or a dip towards the primary support at $0.30.

While bullish indicators like increasing trading volume or positive developments related to Ripple could support a breakout scenario, bearish risks remain. Investors must stay vigilant and monitor price movements closely.

Adding to the uncertainty, Cryptotale reported a whale dump of 51 million XRP coins, which could influence market sentiment and trigger volatility.