- 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
XRP ruling by Judge Torres denied in Coinbase lawsuit, yet another blow to Ripple
XRP programmatic sales ruling by Judge Torres completely rejected by US Court in Coinbase lawsuit. US Court rejected Coinbase’ motion to dismiss SEC lawsuit, weighing heavily on Ripple’s legal battle.
Sushi price eyes $3 after clearing key weekly resistance level
Sushi price flips the $1.628 resistance level into a support floor after a month of struggle. A temporary retracement might be a good opportunity to accumulate SUSHI before a retest of $3. A breakdown of the $1.267 barrier would invalidate the bullish thesis.
Bitcoin Price Outlook: Will $150 billion bank Morgan Stanley send BTC to new ATH?
Bitcoin has recorded increased volatility this week, with most of BTC holders currently in profit. As market activity continues to grow with long-term holders now ramping up on distribution pressure, the pioneer crypto is bearing the brunt of growing overhead pressure.
Coinbase loses first round of battle against SEC
A day after the SEC filed a lawsuit against Binance last year, it went after Coinbase in a sign that the clampdown is extending to key players in the industry. The latest development in the matter is that the court has ruled in favor of the financial regulator, which means the case will continue.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.