XRP: Bullish Pennant Breakout
Ripple (XRP) technical analysis:
Trade setup: Breakout from Bullish Pennant pattern confirms the uptrend, with upside to $0.92. 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 $0.68, then $0.55. The nearest Resistance Zone is $0.92.
Trade setup: Breakout from Bullish Pennant pattern confirms the uptrend, with upside to $0.92. 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 $0.68, then $0.55. The nearest Resistance Zone is $0.92.
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