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Ripple's XRP challenging the odds with the recent move

  • The XRP is making good progress in the recovery, trading in green for around 6%.
  • The bulls managed to escape a bearish standard structure, which could have been further punitive.

Ripple's XRP was seen trading in positive territory on Wednesday, with gains just over 6% in the session. Life was brought back to life in the back of the Tuesday session, forming a promising inverted candelabra.

The XRP / USD price action had formed a bearish pennant model, which had been structured since November 24th. A convincing breakout was seen today in the 4-hour chart view, a daily close above would be very tempting for additional buyers.

If the bulls manage to restart the $ 0.4000 area, a quick move could be seen towards the $ 0.5000 territory. The holder should now be placed just above the pennant scheme, around $ 0.3650.

XRP / USD 4 hour chart

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