• Ripple stores energy to break higher
  • Series of high lows point to further highs
  • The bullish case is valid as long as the price stays above $0.3.

Ripple is one of the leading cryptocurrencies to rise in 2023. Ripple opened at $0.3 and climbed to $0.55.

But traders are now wondering if the failure to rise above $0.55 is a sign of weakness.

Maybe so.

However, technical traders can build a bullish ground on Ripple if it sustains above $0.33.

Ripple chart by TradingView

Ripple Tries to Break $0.55 Resistance Level

Ripple has attempted to break out of the $0.55 resistance level for the third time in a row. I failed every time.

But each rejection only brought new buyers to bargain buying. Moreover, the series of lows has been holding steady, suggesting that the market is accumulating energy to break through horizontal resistance.

A bullish case can be built for Ripple if the price action sustains above $0.3 and this proves to be the horizontal support portion of a possible double bottom pattern.

First, the double bottom pattern suggests further upside is likely after the $0.55 breakout.

Second, the market has made a series of higher lows, a typical structure of a bull market.

Therefore, the bulls may want to wait for Ripple to close above $0.55 before establishing long positions. Ripple will find little to no resistance to such a move down to the $0.75 levels.

By Jules

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