XRP Price: Bull Flag Pattern Indicates Breakout Potential

XRP, the cryptocurrency of global payment company Ripple, showed a slight uptick of 0.78% on Monday to reach a trading value of $2.13.

output: cryptocurrency, named after the global payment company Ripple, showed a slight uptick of 0.78% on Monday to reach the trading value of $2.13. The recovery followed a broader market relief rally, as Donald Trump’s engagement with several countries to settle trade deals has eased selling pressure from the market.

Moreover, the Ripple cryptocurrency shows a notable bound with the formation of a renowned chart pattern, signaling the potential for a higher rally.

What Went Down?

Last week, the cryptocurrency market witnessed a bullish turnaround after U.S. President Donald Trump announced a 90-day pause on the reciprocal tariff for 75 countries. This move lifted overall market sentiment, driving Bitcoin above the critical $80,000 mark and sparked a rally across major altcoins.

In the same vein, XRP joined the rebound with notable momentum, rising from the $1.296 low to a current trading price of $2.14, representing a 32.73% growth. Consecutively, the asset market cap bounced to $124.4 Billion according to CoinGecko data.

Interestingly, the bullish recovery shows a reversal within the formation of a renowned continuation pattern called a bull flag. This pattern is characterized by a strong upward trendline followed by a brief consolidation phase enclosed within two descending trendlines.

If the global tension subsides, the XRP price is poised for an 18% gain before challenging the pattern’s resistance trendline at $2.15. A potential breakout from the overhead resistance signals the continuation of the prevailing uptrend and pushes the exhaled price above the $3.40 mark.

A breakout above this critical level would confirm the pattern and signal a continuation of the larger uptrend, potentially propelling XRP beyond the $3.40 barrier in the coming weeks.

Technical Indicators:

Exponential Moving Average: A potential bearish crossover between the 50- and-100-EMA slope creates a high selling zone at $2.26.

Relative Strength Index: The daily RSI slope is on the verge of surpassing the 50% neutral zone, indicating a building bullish sentiment for a potential rally.

News data source: kdj.com

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