Important signal flashes on XRP price, where this might lead $XRP RippleXRP XRPCommunity XRPHolders XRPArmy
XRP was a top gainer in the past week as its price rose by as much as 50% after increased trader optimism and whale movement. As bulls gained momentum, XRP rose above the daily MA 200 barrier on Sept. 23, reaching intraday highs of $0.55. This was met with selling as bears tried to trap the invigorated bulls, but buyers had another idea. They took advantage of the decline and pushed the XRP price above the overhead barrier once more.
While profit-taking cannot be ruled out in the short term as the sharp move pushed the RSI into overbought territory, bulls may attempt to flip the $0.48 level into support. If the bulls are successful in their endeavor, a bull pennant might result consequently. Pennants are continuation chart patterns formed after strong moves. After a big upward or downward move, buyers or sellers typically take a breather before taking the price further in the same direction.
Price frequently returns to the breakout level after breaking out of a range. In this instance, the price might seek a retest of the $0.41 level. On the other hand, if buyers continue to gain the upper hand and the XRP price rises above $0.55, bulls might target $0.66 next.
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