The analysis below outlines a bullish case, with a target price of $1.042, marking a potential 71.76% increase from the current level.
Ascending Channel Formation: The XRPUSD has been trading within an ascending channel, exhibiting higher lows and higher highs, a classical indicator of a bullish trend. The lower boundary of the channel has consistently provided support, suggesting a strong buying interest.
Consolidation Zone: Prior to the current price action, XRPUSD was consolidating, with the price oscillating between a well-defined range of support and resistance levels. The upper boundary of this range may act as a springboard for a breakout.
Z-Score Probability Indicator: The Z-Score indicator has dipped into the red zone, which often precedes a reversal. Given the other bullish signals, this could indicate a potential buying opportunity.
Moving Averages: XRPUSD is currently trading above its significant moving averages, which have started to trend upwards, suggesting a bullish market structure.
You've mentioned the ascending channel formation, consolidation zone, Z-Score Probability Indicator, and the positioning relative to moving averages. These are all important elements in technical analysis.