XRP/USD - Back into the pennant... is this a stablecoin? 🤣
Similar to ADA, Ripple also suffered a sharp drop from the descending triangle. Overall, XRP disappointed with a 2.6% decline over the past seven days. The support at $0.96 held, and the price bounced back into the blue pennant. This brings us back by a few days as XRP will again need to decide which way to go. A break above the pennant can take it quickly to $1.2, which acts as resistance.
A break of the pennant can be expected early next week. If the overall market remains bullish, XRP has a good chance to try an escape and move higher.
However, the daily timeframe indicators are not that encouraging, and XRP needs to move higher to change the bearish bias on the MACD. There is some hope since on lower timeframes, such as the 4-hour, the MACD did a bullish cross yesterday, but volume continues to disappoint. Volume can be interpreted as the quality of the price. The higher the volume, the higher the confidence in a particular price. Confidence in XRP price right now is rather low.
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A break of the pennant can be expected early next week. If the overall market remains bullish, XRP has a good chance to try an escape and move higher.
However, the daily timeframe indicators are not that encouraging, and XRP needs to move higher to change the bearish bias on the MACD. There is some hope since on lower timeframes, such as the 4-hour, the MACD did a bullish cross yesterday, but volume continues to disappoint. Volume can be interpreted as the quality of the price. The higher the volume, the higher the confidence in a particular price. Confidence in XRP price right now is rather low.
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