Ripple’s (XRP) bulls are finally able to run wild, what to expect next for XRP/USD?
- XRP/USD surged higher at the late part of Tuesday’s session, thanks to big buying at $0.4400 area.
- Price action has formed a bullish pennant pattern, subject to another potential move higher.
XRP/USD was seen up marginally well into the session Wednesday, holding minor gains of some 0.15%. The bulls appear to have life kicked back into this, as price sees huge jump at the back end of Tuesday’s session.
The price had been summoned to a mundane range, after for the past week, with the bears having most of the control. Big chunky buying swopped into the market, at the lowest levels seen in just over a week of trading. XRP/USD bounce coming around the $0.4400 area.
XRP/USD with the recent surge higher, a large pole can be seen. Price action has consolidated through the second half of the session on Wednesday. Given this behavior it has formed a bullish pennant pattern, subject to another extended move higher.
XRP/USD 60-minute 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.
