Crypto Analyst Says XRP Price Can Break Out From Falling Pennant, But Can It Reach $1?
May 10 2024 - 3:30PM
NEWSBTC
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: Bitcoin Whales Lose Interest, Is
This A Precursor For A Crash To $50,000? 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: Crypto Analyst Says
Ethereum Price Will Drop To $2,500, Here’s Why 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
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