Ripple Price Prediction: XRP prints massive bullish outlook amid signals of colossal breakout

Published February 17, 2021 | Updated February 17, 2021

Ripple XRP
Image Courtesy of Flickr

Ripple Price Prediction: XRP prints massive bullish outlook amid signals of colossal breakout

  • Ripple is getting ready for a breakout as long as the bull flag pattern on the 4-hour chart is confirmed.
  • Holding above $0.5 remains key to the upward momentum.
  • XRP is still under the impact of the gravitational force following the rejection at $0.65.

Ripple has sustained the price above $0.5 for a couple of days now. The need for stability came after a rejection from the most recent high of $0.65. XRP tumbled from this level to support provided at $0.48. Meanwhile, the recovery that ensued has been limited to under $0.6.

Ripple eyes a bull flag breakout

XRP has been declining within the confines of a descending channel, likely to confirm a bull flag. This pattern is referred to as a bullish continuation pattern in technical analysis. It develops after an extended upward move followed by a correction. The correction signifies consolidation as selling pressure diminishes, giving bulls an opportunity to take over control.

A significant breakout in the direction of the previous, trend is anticipated as the bull flag matures. Typically a breakout is supposed to occur when the price drops to about halfway the flag pole.

As for Ripple, it is teetering at $0.52 at the time of writing. The current battle is to break and settled above the middle layer of the flag pattern. However, pushing for a breakout above the bull flag will result in massive gains above the stubborn resistance at $0.65 and toward $0.75 (yearly high).

XRP/USD 4-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview 

It is worth noting that, sellers are still dominant at the time of writing. The Moving Average Convergence Divergence (MACD) reinforces the apparent control by the sellers. They are likely to remain in control until the MACD line (blue) crosses above the signal line. Besides, other hurdles like the 50 Simple Moving Average (SMA) on the 4-hour chart must come down for the breakout to materialize.

Ripple intraday level

Spot rate: $0.52

Percentage change: -0.6%

Relative change: -0.003

Trend: Bearish

Volatility: Low

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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