Lorenzo Stroe
Independent Analyst
- Ripple price has broken down from a symmetrical triangle pattern on the 4-hour chart.
- The next bearish price target seems to be all the way down at $0.356.
In our last XRP technical analysis article, we discussed the possibility of a breakout or breakdown for Ripple price in the short-term from a symmetrical triangle pattern. Unfortunately, it seems that the bears managed to win and are eying up $0.356.
Ripple price faces very little support on the way down
On December 4, Ripple price had a breakdown from a symmetrical triangle pattern on the 4-hour chart which has a price target of $0.356. XRP also lost the 50-SMA support level and it’s now trading at $0.57.
XRP/USD 4-hour chart
The nearest price target is the 100-SMA support level at $0.53. A breakdown from this point will quickly drive Ripple price to $0.356. On the other hand, bulls haven’t lost hope just yet as XRP holders will be able to receive an airdrop from the Flare Network platform on December 12.
The Spark airdrop is only for XRP holders which is increasing the demand for the digital asset and buying pressure. Bulls need to push Ripple price above the 50-SMA at $0.60 and turn it into a support level.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.