- 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.
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.
Latest Crypto News & Analysis
Editors’ Picks
Four crucial on-chain metrics suggest that Ethereum price rally has just begun as bulls target $3,000 first
Attention has shifted to Ethereum, the largest altcoin in the market after breaking out to a new record high of $1,446 (on Coinbase). Speculators, traders, and analysts agree that this is just the beginning of the rally, and Ether may have jumpstarted the altcoin season.
Crypto enthusiasts' sentiment suggests Bitcoin price is far from a market top
Bitcoin price stalled after failing to break the resistance at $40,000. As reported earlier this week, JPMorgan & Chase strategists believe that BTC will retreat if it fails to hit levels above $40,000.
VET breaks through consolidation phase targeting a new all-time high
VeChain is breaking out toward record highs after overcoming a critical resistance barrier around $0.03. Recovery has been consistent since last week.
LTC dives to critical support looking to rebound towards $200
Litecoin has been grinding higher since the recent breakdown to $110. Recovery was very consistent, but Litecoin failed to hold above $160, let alone clear the resistance at $170.
Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high
Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours.