XRP Forms Bullish Pennant Pattern with Target Price of $4.20
XRP is currently trading at $3.19 after recently surpassing its all-time high. The market shows a bullish sentiment, with analysts predicting significant price movements.
- Analyst Carl Runefelt highlights a bullish pennant pattern on the 4-hour chart, indicating potential upward continuation.
- A breakout from this pattern may propel XRP towards a target of $4.20 in the coming weeks.
- Investors are focused on maintaining momentum by reclaiming the $3.25 resistance level; a breakout above could trigger further buying pressure.
- Conversely, holding above the $3.05 support level is crucial to confirm the ongoing uptrend; failure to do so may lead to a deeper correction.
The next few days are critical for XRP to sustain its bullish trajectory or face resistance in its price action.
