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- The ripple price fell from a symmetrical triangle pattern on the 4-hour chart.
- The next bearish price target appears to be fully down at $ 0.356.
In our latest XRP technical analysis article, we discussed the possibility of a short-term breakout or breakdown for the Ripple price from a symmetrical triangle pattern. Unfortunately, the bears appear to have managed to win and are aiming for $ 0.356.
Ripple’s price encounters very little support on the way down
On December 4th, Ripple’s price was interrupted by a symmetrical triangle pattern on the 4-hour chart which has a price target of $ 0.356. XRP also lost the 50-SMA support level and is now trading at $ 0.57.
XRP / USD 4-hour chart
The closest price target is the 100 SMA support level at $ 0.53. A break from this point will quickly bring Ripple’s price to $ 0.356. On the other hand, the bulls still haven’t given up hope as XRP holders will be able to receive an airdrop from the Flare Network platform on December 12th.
The Spark airdrop is only for XRP owners which is increasing the demand for the digital asset and buying pressure. The bulls need to push the Ripple price above the 50 SMA to $ 0.60 and turn it into a support level.
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