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- XRP / USD has been in consolidation mode after not exceeding $ 0.40 in the last days.
- Price action has formed a bullish upward model, subject to an upward breakout.
The XRP / USD is currently moving into a consolidation mode, following the solid gains seen this week so far. The price has risen up to 40% in the last bullfight. He was pushed to the maximum level seen from the November back-end. The XRP / USD had been subject to four consecutive weeks of trading in red. However, that weekly run to the south is coming to an end on Sunday.
Last Bull Run
Buyers returned to the game in a known question area. This was seen just under the $ 0.30 sign. The XRP / USD then climbed aggressively to the north, as explained above. The moves from the declared territory were observed, in December 2017, August and September 2018. In the last three sessions, the bulls penetrated the short-term life resistance, around the $ 0.40 mark. This is an area that seems to have the key to increased purchasing pressure in the event of a breach.
Daily XRP / USD chart. Price action has formed a bullish flagpole model, subject to a higher extended breakout.
Given the above behavior, with rejections at the level of $ 0.40, as noted, XRP / USD was forced to return to consolidation. Nonetheless, with this price action a bullish flagpole model has been formed subject to a large upside breakout, which will probably see the breach of the mentioned barrier, as well as much more. If you play with the textbook, the length of the pennant pole suggests a move of at least 30%.
Head goals
Weekly chart XRP / USD. Large upward barriers to 0.40, 0.50, 05.55, 0.60, 0.80-0.85, 1.00.
With this in mind, such a technical development could see XRP / USD flying quickly to the great psychological level of $ 0.50. The last price was traded here on the 20thth November, which was a lot during the renewed fall of the market. Looking upward, there are not many barriers to $ 0.55 brand recovery. The XRP was exchanged here at the beginning of November.
Ultimately, by observing the weekly chart display, with XRP / USD maintaining the current upward momentum, it has a fair opportunity to quickly recover the huge $ 1.00 mark. The steps that must be addressed would be; $ 0.50, $ 0.55, $ 0.60, $ 0.80 – $ 0.85, then $ 1.00. The price has been exchanged here until 5th March, which seems almost a story, given the moves seen this year.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
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