Ripple analysis: watching bullish flag pattern
14:37, 23 July 2020
Ripple has staged a solid recovery back towards the $0.20 level, as bullish tones sweep through the broader cryptocurrency.
Ripple analysis highlights that a breakout from a bullish flag pattern could see the XRP/USD pair rally towards the $0.22 level.
Ripple medium-term price trend
Ripple has started to trade back towards the psychological $0.20 level, after sellers failed to breach the technically important $0.17 support level.
Ripple technical analysis shows that medium-term bulls need to break the $0.23 level to encourage a major upside breakout.
The daily time frame shows that a bearish head and shoulders pattern, with a $0.06 target downside is still valid.
If bulls move price above the $0.23 resistance level, then the bearish pattern will be invalidated, and the XRP/USD pair could rally towards the $0.29 area.
If the bearish pattern is not invalidated, weakness below the $0.17 level is required to fully activate the bearish pattern.
What is your sentiment on EA?
Ripple short-term price trend
Ripple technical analysis over the short-term shows that the cryptocurrency is only bullish while price trades above the $0.19 level.
The four-hour time frame shows that the XRP/USD pair is trading within a bullish flag pattern between the $0.18 and $0.20 level.
According to the size of the pattern, the XRP/USD pair could rally towards the $0.22 level.
Traders should note that if the $0.18 support level is broken, then the XRP/USD pair could fall towards the $0.16 level.
Ripple technical summary
Ripple technical analysis highlights that a bullish breakout from a flag pattern is close to taking place. Bulls need to break the $0.23 for further strong gains.