- XRP consolidates within a symmetrical pattern, signaling a potential breakout toward $15-$17.
- Resistance at $3.40 must be breached, while the yellow trendline remains a critical support level.
- A sustained move above resistance with strong volume is necessary to validate further bullish momentum.
The XRP price action continues to respect a key technical structure, supporting a bullish outlook. The ongoing bullish pennant print remains intact, indicating a probable breakout. Key price levels suggest an upside target between $15 and $17, contingent on maintaining support and confirming a breakout.
Bullish Pennant Formation Remains in Play
A bullish pennant structure continues to shape XRP’s price action. The pattern is characterized by a consolidation phase following a strong upward movement, forming a symmetrical triangle. The measured move based on this pattern provides two key price objectives.
Egrag Crypto analysis presents a bullish pennant formation on the XRP, indicating a potential breakout. Price action consolidates within a symmetrical pattern before a sharp upward movement. Key resistance levels appear between $1.94 and $3.40, with a measured target exceeding $7.00.
A long-term ascending trendline supports upward momentum. Volume spikes suggest increased buying activity. The conservative target aligns with historical resistance zones, reinforcing the probability of sustained bullish movement in the market.
The conservative estimate calculates the pole length from the lower boundary of the pennant, positioning a potential target at $15. Meanwhile, measuring from the upper boundary of the pennant extends the projection to $17.
Key Support and Resistance Levels
The yellow trendline has functioned as a crucial support level. Price action has invariably respected this level. A sustained hold above this line strengthens the bullish case. However, a breakdown below this support could suggest a shift towards a bearish direction. The historical performance of this level suggests its role as a pivot point in determining price direction.
A key resistance level remains at $3.40. Until XRP secures a daily or weekly close above this threshold, any upside movement lacks confirmation. A breakout accompanied by strong volume would provide the necessary validation for continued bullish momentum.
While the bullish pennant provides a framework for potential price action, confirmation remains essential. A failure to hold the yellow trendline as support could invalidate the bullish outlook.