XRP Trading Flat Before the Major Event of SPARK Airdrop

  • XRP trading under some pressure with a loss of -3.71% one day before a major event in the history of XRP
  • The pair of XRP/BTC is performing well with intraday gains +0.35% standing at 0.00003111 BTC.
  • XRP price momentum can be volatile for the upcoming trading sessions keeping in mind the Airdrop event 
source:tradingview

XRP continued its trend and traded under a symmetrical triangle pattern with intraday loss of -3.71%. On 12th, December a major event of SPARK Airdrop, which has already been set up to receive the Spark token airdrop from the Flare Network, which will distribute the tokens to XRP holders on a 1:1 ratio. As demand for XRP increases, we can see a breakout from the symmetrical triangle pattern. Important levels that must keep in mind will be on downside support is placed at $0.50, $0.45 and strongest support will be $0.24 while on higher side resistance range after a breakout is $0.76-$0.80. 

Some of the exchanges supporting SPARK tokens are Kraken, Coinbase, Bitbay, Bitstamp, Houbi and Binance. The total number of SPARK tokens that will be released is 45 Billion. Whereas if we observe by the end of November, a sudden demand is observed. As a result, XRP gained around 100% from the lows of November as investors knew about SPARK tokens for XRP airdrop and it is a hard fock. After this event a number of supply increases and selling pressure to be expected after 12th December. 

XRP Preparation for AirDrop from Past Month 

source:tradingview
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XRP breaks its normal trading range in mid of November and surges around +100% with hitting a new 52-week high of $0.7680 supported by volume. It can be considered as the price-volume breakout; however, from highs, some profit booking pulls it to lows of $0.4700 can be considered support on the lower side. Currently, XRP is trading in a symmetrical triangle pattern with average volumes. Over the monthly chart, it was successfully trading above the 50-Day Moving average line indicating bullish nature for it. The important levels on the lower side are $0.4700 and $0.3000 while on higher side resistance is placed at $0.7700 and $0.8200. 

XRP on 11th December is trading at $0.5480 with intraday loss of -3.71% with volume increases in last 24-Hours by +1% standings at $9,789,110,353, and the total market capitalization stands at $24,977,958,601 with loss of -3.28% in last 24-Hours. 

Support levels: $0.50, $0.45 and $0.24

Resistance levels: $0.76-$0.80

50-Day Moving Average: $0.3975

200-Day Moving Average: $0.2747 

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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