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.
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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.