Crypto analyst who goes by the pseudonym Mikybull crypto stated in his technical analysis that XRP was currently exhibiting a similar setup to that of 2017, which exploded into a massive increase in price. After the token broke out of this setup, it hit its all-time high. In particular, the XRP token traded inside a bullish pennant in 2017 before it broke out from the pennant at $0.25 and reached almost $3.4.
XRP resides in a bullish pennant
Currently, XRP is priced at $2.15 after gaining more than 1% in the last 24 hours. The daily trading volume has fallen by 20% to $2.4 billion as the circulating supply sits at 58B XRP. The chart below shows that XRP is trading inside a bullish pennant, as the crypto analyst rightly stated.
Source: TradingView
XRP is currently resting on the lower trendline of the bullish pennant. It may rebound off the lower trendline and move towards the upper trendline and continue making another lower high. However, it may also make a break from the pennant pattern. In the event the token breaks out from the pattern, there is a high probability that it could reach as high as $2.6. The above-mentioned price forecast is based on the best practice of transpositioning the flag pole to the point of breakout.
However, before it breaks out from the pennant, it will need to clear the 50-day moving average, which might act as an immediate resistance.
Please note that all price predictions are based on data analysis and are provided for informational purposes only. They do not constitute financial advice. Altcoin Desk is not liable for any financial decisions you make.
