Ripple Price Analysis: XRP/USD big daily bull flag eyed, to break or not to break?

  • Ripple (XRP) price held on to decent gains in the latter part of Monday's session, up over 5%. Bulls did ease somewhat after a huge rally in the early hours.
  • XRP/USD price action has formed a rather large potential bull flag pattern, as seen on the daily chart.

 

The Ripple (XRP) price made a big chunky advance on Monday, before cooling somewhat. In the latter part of the session, it was still holding gains of over 5%. Looking to find firmer footing, after the choppy past few days and weeks. 

Given the erratic price action that has been seen of late for XRP, it has formed a bullish flag pattern, via the daily time frame. In terms of community news flow, a Twitter survey conducted by Weiss Ratings, on the best opportunity to invest in a cryptocurrency under $1. The options were XRP, ADA, XLM and IOTA, out of 5,726 voters, XRP topped with 64%. 

XRP/USD resistance is seen at $53.40, which is where the upper descending trend line of the flag pattern is tracking. Further north, supply is seen within the $0.6000 region. Support can be eyed at $0.3720, the lower part of the pattern. A breach could see a very fast move back fown towards $0.2500 area. 

 

XRP/USD daily chart

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.