XRP price could rally towards $1.40 if bulls can break past $0.85

XRP price is still respecting the weekly trend line.
A breakout past $0.85 could send Ripple price towards $1.40
Breaching $0.725 would invalidate the bullish idea

XRP price is still looking bullish despite last week's failure to stay above the weekly consolidation line. A 10% bounce from the current price of $0.77 could send Ripple price an additional 67% higher.

XRP might be forming a pennant.

XRP price has failed once again to close below the weekly trend line on the 12-hour chart. Price is currently consolidating below last week’s breakout level at $0.80 which has investors playing it safe.

XRP price is also unfolding in a pennant-like manner. Elliott Wave Theory suggests that the low of a pennant into the apex can be used to forecast future price targets. The unfolding pennant has a value of 67% from low to high. This means If bulls can push past $0.85, it is likely XRP price will see a spike into the $1.40 zone.

Despite the wedging-like price action, XRP price can still invalidate the bullish idea. A break below $0.725 will likely mean more downside pressure into the $0.67-$0.62 supply zone, up to a 15% drop.

The bears should keep in mind that the overall trend is still very bullish for XRP price. Price action in the $0.62 supply zone could still result in a bullish triangle pattern to form later down the road.

XRP/USDT 12hr Chart

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.