XRP: Bullish Pennant

Ripple (XRP) technical analysis:

Trade setup: Broke out of Channel Down and above $0.40 key level and 200-day moving average, which could indicate a trend reversal from Downtrend to Uptrend. Now it’s consolidating in a Bullish Pennant, which typically resolves to the upside. If so, there’s upside potential to $0.55 thereafter.

Pattern: Bullish Pennant Pattern. – 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 on Short- and Medium-Term basis and Downtrend on Long-Term basis.

Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).

Support and Resistance: Nearest Support Zone is $0.40 (previous resistance), then $0.32. The nearest Resistance Zone is $0.45, which it broke, then $0.55.


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