Ripple price analysis: XRP/USD technically looks set for an extended jump higher, eyes on $1.09 and $1.20

Momentum is with the bulls again, after the price gained 35% last week.
Upside targets should another breakout occur for XRP/USD, $1.09 and $1.20.

Ken Chigbo Independent Analyst

The Ripple price is seen up with modest gains of 1% in the early part of trading on Monday, further looking to capitalize on the strong progress made last week. The price is in the prior trading week had gained around 35%,

Since 11th April, XRP/USD has been rallying at quite some pace, following on from a breakout of a falling wedge pattern. The price then formed a bullish pennant pattern and was consolidating within a known supply zone, before then breaking out again from this pennant, to push to highs at $0.94 last week.

XRP/USD price has been consolidating since the highs of around $0.94, the current price action has once again formed another bullish pennant pattern formation. Upper resistance is seen at $0.88 for now, support currently tracking at $0.84. Should the bulls manage to breach the pattern, upside targets will likely be $1.09 and $1.20.

XRP/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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