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Ripple analysis: watching bullish flag pattern

By Nathan Batchelor

14:37, 23 July 2020

Ripple analysis

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.

Ripple technical analysis

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. 

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US100

21,067.00 Price
-0.240% 1D Chg, %
Long position overnight fee -0.0248%
Short position overnight fee 0.0026%
Overnight fee time 22:00 (UTC)
Spread 1.8

XRP/USD

0.56 Price
-0.670% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Oil - Crude

70.10 Price
-2.520% 1D Chg, %
Long position overnight fee 0.0085%
Short position overnight fee -0.0304%
Overnight fee time 22:00 (UTC)
Spread 0.030

BTC/USD

75,966.70 Price
-0.070% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

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.

Ripple technical analysis

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.

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