XRP: Bullish Pennant
Ripple (XRP) technical analysis:
Trade setup: Price is in a clear uptrend. Price is consolidating in a Bullish Pennant pattern. We wait for a breakout. Bullish breakout could see price revisit $0.92 resistance while bearish breakout could be followed by a dip to $0.55 support. Previously, following a breakout from a Descending Triangle, price spiked up massively to $0.92 resistance on favorable legal ruling. This level acted as resistance way back in early 2022. However, it got very overbought (RSI > 80) and saw selling pressures from some profit taking.
Pattern: Bullish Pennant – forms typically following a sharp advance, followed by a brief triangular shaped consolidation in price (a small change in direction), before the previous uptrend (bullish) typically resumes. The period of consolidation should have lower volume and the breakouts should occur on higher volume.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.55 (previous resistance), then $0.45. The nearest Resistance Zone is $0.92.
Trade setup: Price is in a clear uptrend. Price is consolidating in a Bullish Pennant pattern. We wait for a breakout. Bullish breakout could see price revisit $0.92 resistance while bearish breakout could be followed by a dip to $0.55 support. Previously, following a breakout from a Descending Triangle, price spiked up massively to $0.92 resistance on favorable legal ruling. This level acted as resistance way back in early 2022. However, it got very overbought (RSI > 80) and saw selling pressures from some profit taking.
Pattern: Bullish Pennant – forms typically following a sharp advance, followed by a brief triangular shaped consolidation in price (a small change in direction), before the previous uptrend (bullish) typically resumes. The period of consolidation should have lower volume and the breakouts should occur on higher volume.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.55 (previous resistance), then $0.45. The nearest Resistance Zone is $0.92.
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