- Ripple is on the verge of a massive move if a technical pattern on the 4-hour chart matures.
- XRP must settle above $0.5 to come out of the woods, focusing on higher levels toward $0.6.
Ripple has been among the digital assets that managed to comfortably weather down the widespread declines at the beginning of this week. The cross-border token corrected toward $0.4 but established robust support.
An immediate recovery took place with XRP jumping above two key levels at $0.45 and $0.5. XRP traded a weekly high at $0.532, but a correction ensued, forcing bulls to seek support at $0.45.
In the meantime, Ripple is trading at $0.47 amid a renewed uptrend. Its immediate downside is protected by the 50 Simple Moving Average (SMA) and the 100 SMA on the 4-hour chart. On the upside, eyes are glued on breaking the hurdle at $0.5 and hopefully kick start the journey to $0.6.
XTZ/USD 4-hour chart
Simultaneously, a double bottom pattern has recently been formed on the 4-hour chart. The pattern is very bullish and comes into the picture when an asset price dips to the support level twice but is separated by a sharp peak. As the price approached the support for the second time, the downtrend fizzles out, and bulls aggressively rush in to take over control.
Double bottom patterns have precise breakout targets, measured from the neckline to the bottom point. A breakout is anticipated when the price slices through the neckline. For instance, Ripple eyes a 20% upswing toward $0.6.
Trending Stories
Ripple intraday levels
Spot rate: $0.473
Relative change: 0.0123
Percentage change: 2.7%
Trend: Bullish
Volatility: Low
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam
- Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Breaking: Singapore Financial Regulator Reprimands Three Arrows Capital
- Ethereum Exchange Supply Spikes, ETH At A Risk of Correcting to $700 And Below
- Bitcoin Prices Can Reach This Level By End Of 2022; Reveals Deutsche Bank
- NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?