Ripple price is consolidating inside a bullish pennant pattern, suggesting a massive move around the corner. From September 29 to October 10, XRP price rose 38%, creating the ‘flag pole’ section of the pennant pattern. This move was followed by a tight ranged movement that led to the formation of lower highs and higher lows, resulting in a pennant.
This technical setup forecasts a 26% ascent to $1.43, determined by adding the flag pole height to the breakout point at $1.14.
A decisive close above this level will indicate the start of a new uptrend. The ascent will face resistance at $1.24, but clearing this will open the path to $1.43. In some cases, Ripple price could extend this climb and retest $1.67 or $1.84, constituting a 67% gain.
While things are looking up for Ripple price, a breakdown of the pennant’s lower trend line at $1.05 will invalidate this setup. In this situation, XRP price might revisit the $1 psychological level, which might provide support for buyers to launch a comeback.
This technical setup forecasts a 26% ascent to $1.43, determined by adding the flag pole height to the breakout point at $1.14.
A decisive close above this level will indicate the start of a new uptrend. The ascent will face resistance at $1.24, but clearing this will open the path to $1.43. In some cases, Ripple price could extend this climb and retest $1.67 or $1.84, constituting a 67% gain.
While things are looking up for Ripple price, a breakdown of the pennant’s lower trend line at $1.05 will invalidate this setup. In this situation, XRP price might revisit the $1 psychological level, which might provide support for buyers to launch a comeback.
Trade active