- XRP has its price printing a double bottom at $0.76, suggesting a downtrend reversal.
- The remittance coins might surge 30% bulls aim the swing high at $1.03 and liquidity resting beyond the level.
- Meanwhile, breaching the support floor at $0.68 will undo the bullish case.
Ripple (XRP) price depicts sustained recovery signs as bulls defend a critical support area, printing a reversal pattern. This development can trigger a quick surge for the altcoin towards vital resistance barriers.
XRP Price Ready for Higher Move
XRP price registered a close near $0.76 on 4 December before a slight 10% increase followed. However, the upsurge was temporary and catalyzed another swing-low formation at $0.76. The actions had Ripple printing a double bottom.
The bottom reversal formation indicates that XRP downswings near an end. With that, market players can expect Ripple to witness a profound surge in buying strength. That would translate to a 15% rise, retesting the resistance level at $0.96.
If Ripple overpowers this level, it will open the road to gather liquidity resting beyond the swing high at $1.03. The run-up to $1.03 from $0.76 will constitute a 30% upswing.
Though things seem impressive for XRP price, breaching the support level at $0.76 will show magnified selling pressure. If buyers remain unwilling or unable to defend this zone, the cross-border transactions token might retrace towards the closest demand floor near $0.68.
Meanwhile, a lower low beneath this floor will cancel the bullish narrative. That may catalyze a price crash, sending XRP to the following support at $0.61. Buyers would have a chance to come back at this level before the alternative coin plunges again.
Meanwhile, the global crypto market appears to revive from the 4 December crash. Bitcoin managed to surge past the $50,000 level over the past 24 hours. Keep in mind that the world’s largest crypto has been on a downward trend since touching its ATH. If it maintains an upward stance, for now, BTC will support broad-based market recovery. That will help alternative coins, including XRP, rise higher.
We have more cryptocurrency updates coming your way. Stay tuned.
HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us easily with Herald Sheets Facebook Messenger App. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.