By Franklin Smith
Briefly –
- 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.
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