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.
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