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Ripple Price – XRPUSD Forms Bullish Pennant; Rally to $0.3150 Eyed

Live Ripple Price Chart

Ripple price has been on a 5-day winning streak. Can it extend its gains even further?

XRPUSD has been on a steady bullish run since breaking through resistance around $0.2550. The daily chart would show that the next resistance is around $0.3150. This price is where ripple price peaked on September 28, October 26, and November 7.

A closer look at the 1-hour chart suggests that the cryptocurrency would continue its rally today. After a strong bullish run, XRPUSD has consolidated and made lower highs and higher lows. In forex trading, this price action is identified as a bullish pennant which is considered a bullish continuation pattern. A close above yesterday’s highs around $0.2818 could trigger a bigger rally. If there are enough buyers in the market, we may see ripple price surge to its next key resistance level.

Read our Best Trading Ideas for 2020.

On the other hand, a close below the consolidation around yesterday’s European session lows at $0.2692 could mean that XRPUSD may recoup some of its gains. It could fall to the confluence of support at $0.2600. For one, this price coincides with the rising trend line from connecting the lows of February 2 and February 4. It also aligns with the 61.8% Fib level when you draw the Fibonacci retracement tool from the low of February 4 to yesterday’s high.