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 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.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

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.

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.

XRP price, like almost every other cryptocurrency, showed strong signs of recovery after the shock of this past Saturday’s flash crash wore off. The past three days of congestion after a strong rally from the lows may begin a new uptrend for XRP.

Ripple Driven Below Daily EMA 50 & 200

farhan fazal

Dec 09 2021

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