Ripple Price Analysis: XRP/USD On The Verge Of A Pennant Pattern Breakout, Here IS Why $0.25 Is Achievable

By John Isige
Published June 3, 2020 Updated June 3, 2020
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Siam Commercial Bank (SCB) and Ripple
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Ripple Price Analysis: XRP/USD On The Verge Of A Pennant Pattern Breakout, Here IS Why $0.25 Is Achievable

By John Isige
Published June 3, 2020 Updated June 3, 2020
  • Ripple price lags triangle breakout pointing in the direction of $0.25.
  • XRP/USD is still under the influence of the bulls in spite of the retreat from weekly highs.

Ripple price is in consolidation above $0.20 after a minor retracement from $0.2245 (June highs). In tandem with Bitcoin drop from highs above $10,000, Ripple closed in on the main support at $0.20. Impressively, buyers have been able to hold above $0.20. XRP/USD has a market value of $0.2028.

XRP Impending Triangle Breakout

Ripple price is trading within the apex of a symmetrical triangle. There a couple of ways XRP can react to this pattern. First, a break above the pattern’s resistance would pave the way for gains targeting $0.25. Secondly, a breakdown to levels around $0.15 is possible if the still intact triangle support caves in.

Ripple Short Term Technical Analysis

From a technical perspective, Ripple is ready for consolidation. The sideways movement above $0.20 is not new to the traders. Consolidation has helped Ripple buyers gather strength in the past and pulled the price to higher levels like the recent breakout to $0.2245 after XRP/USD spiked from consolidation above $0.19.

XRP/USD daily chart

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

The Relative Strength Index (RSI) appears to have slowed the momentum of the retreat from June highs at 58. This indicator is currently moving sideways at (50) the average. If this sideways movement continues, so will the consolidation. Higher price movements will depend on a technical breakout above the triangle resistance supported by proper volume. On the brighter side, the Elliot Wave Oscillator (EWO) has started another bullish session after an extended bearish session in May. It means that the influence buyers have over the price cannot be ignored.

Ripple Intraday Levels

Spot rate: $0.2029

Percentage change: -0.18%

Relative change: -0.000145

Trend: Bearish

Volatility: Shrinking

High: $0.2034

Low: $0.2007

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Disclaimer
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.
About Author
John Isige
1164 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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