Ripple Price Analysis: XRP/USD breaks out from a big bullish pennant pattern on the daily, here she goes

  • Ripple made a chunky advance on Tuesday up over 3.5% in the second half of the session.
  • XRP/UDS bulls managed to break out from a bullish pennant pattern, that can be seen on the daily.

 

The Ripple price is seen to be one of the outperformers on Tuesday, firmly in the green with gains over 3.5%, with a pickup in buying pressure seen across the crypto market. Eyes are on a strengthening of this recovery.

XRP/USD has formed a bullish pennant, which began to take shape after the big bull run seen on 17th August, before price cooled largely. Since that high print above $0.37, the price has been moving within a narrow range.

Technically, given the breakout to the upside from the mentioned bullish pennant pattern, it opens the door to some further buying pressure from the bulls. Eyes are on a pick up in volumes and strengthening in this recovery as the summer holidays come to a close. Near-term resistance eyed at $0.35-0.37, a break above, could open up a clear path to $0.50, last traded here on 18th July.

 

XRP/USD daily chart

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