Following past months of drops, Ripple found support and recovered from the extended bearish circle as it continued to trade above the yearly low. The price crashed to this low during last month’s crash but has significantly bounced back again.
Amongst the top cryptocurrencies in the market, XRP technically appeared to have found a bottom at the $0.3 level, where the price broke out in the last bull run. Since the price left this crucial level in January 2021, XRP failed to revisit it until the market crashed in June.
After the revisit, XRP continued to advance higher. Despite the November crash that took most top coins to their two-year low, it has held firm and continues to stay above the mentioned bottom price level. The recent recovery shows the bulls’ commitment to the market.
Looking at the weekly chart, we can see that XRP formed a perfect double-bottom pattern, which indicates a potential bull run. However, the buying volume is still low. There’s a need for a weekly close above $0.55 to confirm a complete reversal.
It traded between $0.32 and $0.41 for the past three weeks. Similarly, the price is trapped in a symmetrical triangle as it primes for a breakout. While a breakdown will send the price to the lower range, a breakup will set a more bullish tone in the market.
Ripple Price Analysis (XRPUSDT): 4-Hour Chart
On the 4-hour chart, Ripple looks bullish following the past two weeks’ increase. If the price breaks the $0.4065 resistance level, we can expect buying towards the $0.44 level and potentially $0.489 in the coming days.
Otherwise, a drop from the symmetry triangle could cause the price to fall again. Along the way down, the support to watch is $0.374 and $0.36 before rolling to the lower range of $0.32. The $0.3 and $0.28 levels are also areas to watch out for in case of more dip.
Key Resistance Levels: $0.4065, $0.44, $0.487
Key Support Levels: $0.374, $0.36, $0.32
- Spot Price: $0.395
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/ripple-price-analysis-prediction-dec-3rd-xrp-poised-for-bull-run-no-strong-volume-to-fuel-rally/