- XRP price has formed a double bottom of sorts at $0.76, indicating a reversal of the downtrend.
- The remittance token will likely rally 30% as the bulls target the $1.03 swing high and the liquidity resting above it.
- A breakdown of the $0.68 support level will invalidate the bullish thesis.
XRP price shows signs of a sustained recovery as bulls defend a crucial support level, forming a reversal pattern. This development could trigger Ripple to head on a quick run-up to significant resistance barriers.
XRP price ready for a move higher
XRP price produced a close around $0.76 on December 4 and was followed by a brief 10% run-up. This upswing was temporary and led to the formation of another swing low around $0.76, giving rise to a double bottom.
This bottom reversal pattern suggests that the downswing is nearing an end. Therefore, investors can expect XRP price to see a palpable increase in buying pressure, pushing it to retest the $0.96 resistance level after a 15% upswing.
Clearing this hurdle will open the path for collecting liquidity resting above the $1.03 swing high. In total, this run-up from $0.76 to $1.03 would constitute a 30% ascent.
XRP/USDT 12-hour chart
While things are looking up for XRP price, a breakdown of the $0.76 support level will indicate increased selling pressure. If buyers fail to defend this level, the remittance token could retrace to the immediate demand floor at $0.68.
A lower low below this platform will invalidate the bullish thesis and potentially trigger XRP price to crash to the next level at $0.61. Here, buyers have another chance to make a comeback before Ripple dives lower again.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?