fxs_header_sponsor_anchor

Ripple price defends critical support level and aims for $0.75 in the short-term

  • Ripple price briefly slipped below a crucial support level at $0.54 but managed to recover. 
  • XRP remains bounded inside a symmetrical triangle pattern on the 12-hour chart.

After a widespread market crash in the past 24 hours, pushing XRP from $0.58 to a low of $0.50, the digital asset has managed to recover forming a bullish candlestick on the daily chart and defending a critical support level.

Ripple price aims for a 26% breakout towards $0.75

On the 12-hour chart, Ripple price has established a symmetrical triangle pattern. On December 9, XRP slipped below the support trendline at $0.54 but managed to recover on the same day, essentially defending it.

XRP/USD 12-hour chart

The symmetrical triangle pattern remains in place and bulls are aiming to hit the upper boundary at $0.6. A breakout above this point can quickly push Ripple price towards a price target of $0.75.

XRP Holders Distribution

Additionally, it seems that the number of whales holding 10,000,000 or more coins ($5,500,000) continues increasing and it’s up by six in the past 24 hours and inside an overall uptrend since the beginning of November.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.