Ripple course reaches 60% price gains! What’s next?

TradingView XRP / USD price increase

The Ripple price rose sharply in the days when Bitcoin was quiet and the trend was only sideways, but in the last 7 days the Ripple price increased by more than 60% and clearly outperformed Bitcoin. You will proceed in this article to determine the reasons for this.

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Ripple course breaks from big triangle!

TradingView XRP / USD Symmetrical Triangle + Target

The Ripple price broke out of the symmetrical triangle bullishly this week and is aiming for its target at ± $ 0.55. We determine the goal by drawing a line between the first touch of the lower line to the upper line and copying and pasting it at the breakout. Thus the goal arises. Since we think the Psychological Resistance could be quite strong at $ 0.50, we would expect a pullback from the $ 0.50 level.

Where are the next resistances in the Ripple course?

TradingView XRP / USD resistors

If the ripple price breaks psychological resistance at $ 0.50 and breaks its target of ± $ 0.55, it could be possible that it could rise to its last strong resistance at ± $ 0.62 and from there the $ 0.50 area Could retest. But until we can say that more precisely, we would first have to wait until the Ripple course picks up the target level and where it will correct.

TradingView XRP/USD Fibonacci Retracements

Of course, there are also the Fibonacci retracement levels. First, we would consider the 0.5 Fibonacci level, which would be ± $ 1.72. This would be followed by the well-known GoldenPocket, which would be ± $ 2.12 – $ 2.22. From there at the latest, we expect a somewhat stronger correction in the Ripple course, as we think that the Ripple course will do something similar to the Bitcoin course. It also ricocheted off the GoldenPocket from the all-time high (July 2019) and was able to rise even more from there.

Spark token airdrop on December 12th

In addition to technical reasons, the news that there will be a snapshot for an Airdop on December 12, 2020, could boost the XRP course. The Flare project will distribute its Spark token to the XRP token holders. Flare is a smart contract platform that implements the Ethereum virtual machine. The network can also be viewed as a smart contract platform for XRP. As the first applications, DeFi protocols will be set up on Flare.

The charts used come from our partners TradingView.

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