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Ripple price has been trading fairly sideways for the past two weeks after reaching its 2020-high at $0.78. The digital asset is now in consolidation mode and has established a clear symmetrical triangle pattern on the 12-hour chart which is days away from a breakout or breakdown.
The digital asset could be soon facing a significant increase in buying pressure as the Flare Network is getting ready for its airdrop to XRP holders. For anyone unaware, SPARK is a native token of the Flare Network which plans to conduct an airdrop on December 12, 2020 at a rate of 1:1 with XRP.
If you need to know how to claim your SPARK tokens as an XRP holder, simply deposit them into an exchange that supports the airdrop. There is a list of all exchanges here. It includes popular exchanges like Binance or Coinbase.
If for some reason you don’t want to use an exchange, you can also simply utilize one of the supported wallets like Guarda, Ledger, or Exodus which will allow you to claim SPARK tokens easily.
Ripple Price Analysis: Technical Indicators
On the 12-hour chart, Ripple price has established a symmetrical triangle pattern which seems to be 3 days away from a decisive breakout or breakdown. The lower trendline support is currently located at $0.57 while XRP trades at $0.579.
XRP/USD 12-hour chart – TradingView
A breakdown below this point would quickly drive Ripple price towards $0.41. Bears have already managed to push XRP below the 12-EMA and the 26-EMA, but the market seems to be rebounding.
On the other hand, if XRP can climb above the upper trendline at $0.60, it will most likely jump towards $0.77 in the long-term, right about where the last 2020-high is located. Considering the upcoming SPARK airdrop, we could see an increase in buying pressure which could be the final push needed to break the resistance level.
XRP/USD daily chart – TradingView
On the daily chart, this could still be considered a bull flag which would give us a bullish price target of up to $1. So far, the bulls have been able to defend the 12-EMA and the 26-EMA sits comfortably away from the current price of $0.57. A breakdown below this critical moving average would shift the odds in favor of the bears.
However, a breakout of the 12-hour symmetrical triangle would also be a breakout of the bull flag on the daily chart which adds credence to the bullish outlook.
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