XRP price embarks on a 30% upswing as Ripple bulls make a comeback

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.

Share: Cryptos feed

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.

Join Telegram