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.
%20[22.01.49,%2009%20Dec,%202020]-637431445411317914.png)
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.
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
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Cardano founder Charles Hoskinson proposed integration of Bitcoin Cash into a Cardano Partnerchain. 65% of 11,340 voters voted in favor of, to the contrary “No”, meaning “Ayes” have it, but this is pending confirmation.
Render Price Prediction: RNDR could hit $10 after successful breakout with ecosystem’s LD token launchpad
Render (RNDR) price is trading with a bullish bias, boasting higher highs, with the AI crypto coin not only outperforming its sector peers, but also doing better than most altcoins in the broader cryptocurrency space.
Tesla updates payment methods to include DOGE, Dogecoin price rises 6%
Tesla Inc., Elon Musk’s American multinational automotive and clean energy company headquartered in Austin, Texas, is the latest catalyst for Dogecoin (DOGE) price rally.
Sui daily transactions reach 41 million, overtakes Solana with SUI price primed for recovery
Sui (SUI) price has dipped 3 % in the past 24 hours and remains down 15% in the last week. However, other metrics suggest something could be at play in the Sui ecosystem as daily transactions skyrocket.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.