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.
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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.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
