Ripple price analysis: XRP/USD jumps 8% to breakout of bullish pennant, however still stuck within stubborn supply zone
|- Ripple has jumped over 8% out of a bullish pennant pattern, now trying to breakdown supply zone.
- XRP/USD has gained over 60% in the last three weeks, which have all clocked consecutive gains on the weekly close.
The Ripple price is seen up marginally with gains of 1% on Thursday, after the price made an extended move higher from a bullish pennant pattern. The challenge remains for Ripple however, as the price is still trying to clear a strong touted supply zone.
This week XRP/USD has jumped over 13% from lows of $0.64 up to highs of $0.73. Looking to make it the third week running of consecutive gains. Ripple has made some great ground to recovery, seeing as only three week ago the price was as low as $0.45, that is a gain to current levels of over 60%.
XRP/USD bulls are running with the momentum currently, attempting to break down a strong supply zone, ranging from $0.68-0.73. Given the current progress and ground being made at this time, it wouldn’t be surprising to see this area of resistance broken down in no time. A move above will then likely see $0.80 region come back into play.
XRP/USD daily chart
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