Lorenzo Stroe
Independent Analyst
- 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.
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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.
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