Ken Chigbo
Independent Analyst
- 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
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