Ripple builds energy to break higher. A number of higher lows indicates further upward potential.

• ripple builds energy to break higher
• A number of higher lows indicates further upward potential
• The bullish case is valid as long as the price above $ 0.3 remains

ripple is one of the most important cryptocurrencies that recorded an upswing in 2023. It opened the trading year at $ 0.3 and rose to $ 0.55.

But retailers are now wondering whether the inability to rise above $ 0.55 is a sign of weakness.

It can be.

If Ripple lasts over $ 0.33, a technical dealer can provide a bullish argument for this.

ripplle-diagram of tradingView

ripple tries to break the resistance mark of $ 0.55

Ripple tried three times in a row to break the resistance brand of $ 0.55. It failed every time.

But every rejection only brought new buyers who bought the decline. In addition, the series of higher deep stalls remains intact, which indicates that the market is building energy to break through the horizontal resistance.

Provided that the price movement remains above $ 0.3, which has proven to be a horizontal support and part of a possible double floor pattern, you can construct a bullish argument for ripple.

First, the double floor pattern indicates that after a breakthrough over $ 0.55, further upward movements should follow.

Secondly, the market formed a number of higher lows, a typical structure in bullish markets.

Therefore, bulls may want to wait until Ripple closes over $ 0.55 before building long positions. Up to the level of $ 0.75, Ripple should hardly find any resistance with such a movement.