The XRP price, like the rest of the crypto industry, continues to struggle against the bearish winds that have taken over. This has seen its price consistently decline in spite of bulls’ best efforts to prop it up. However, it seems all hope is not lost for the altcoin as expectations are that it will recover soon enough. More specifically, crypto analyst WalterMoon is particularly bullish on the XRP price, noting that it is possible that it will break out of its current pennant.
Analyzing The XRP Price Movement
To try and pinpoint where the XRP price is headed, the crypto analyst first analyzed the movement of the altcoin over the last few weeks. This analysis showed a consistent breakout trend, albeit short-lived, that suggests that the altcoin could be getting ready to mount another one soon.
Related Reading
One of these breakout trends took place last month in May when the price had entered a failing channel. Eventually, the XRP price was able to muster enough momentum, even after breaking below its support line below $0.5 and then made a run for $0.52.
Again, this is seen later in the month when the price once again fell into a falling channel. This decline saw it fall below support. But like the previous time, it was able to move upward inside this falling channel and eventually broke out of the channel.
Source: Tradingview.com
This trend was recorded a number of times in the month of May, showing XRP’s strength in the market right now. However, the altcoin has fallen inside another falling channel once again, but can it maintain its breakout trend from last month?
Gathering Support Inside A Pennant
Crypto analyst WalterMoon has identified the XRP price inside a falling channel and as it continues to decline inside this pennant, the price has taken hit after hit. But given the performance from the last month, Moon believes there is still upside to come for XRP.
Related Reading
According to the analyst, there is a possibility that the altcoin can exit its current pennant by bouncing off the support at $0.533. In this case, it could send the price as high as $0.54, like it did the previous times. “Now, I think that Ripple can bounce up from support line to $0.5330, thereby exiting from pennant,” the analyst said.
Despite the bullish outlook, WalterMoon’s target is still conservative for all intents and purposes. The target still remains above the $0.54 level, which, unfortunately, doesn’t show much expectation for the XRP price to cross $1.
XRP trending at $0.51 | Source: XRPUSDT on Tradingview.com
Featured image from CoinJournal, chart from Tradingview.com
Credit: Source link
