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XRP price has a significant gain potential of over $ 0.55 that it is trying to break today if it reaches buying pressure to support its bullishness.
Is XRP price preparing to rise?
XRP price is currently crossing inside a bull flag. While the 55% increase seen between February 10-13 constitutes the “flagpole”, the consolidation since then has evolved into a “flag”.
This continuation pattern predicts a 35% rise by breaking the flag’s upper trendline at $ 0.56. Therefore, XRP price needs a decisive 4-hour candle near this price barrier to reach its upside potential.
In the event of a breakout, XRP price will target $ 0.72.
While this may seem like an uptrend, not breaking the $ 0.56 supply barrier could result in a 10% decline. If this happens, XRP price could retreat from $ 0.49 to seek support, to a four-hour 100 moving average.
The short-term downward outlook is further confirmed by a 40% drop in Ripple’s development activity index since February 15. Market participants could interpret it as a sign that the team of developers behind this project to improve XRP is not showing such a sharp decline.
XRP price has a significant gain potential of over $ 0.55 that it is trying to break today if it reaches buying pressure to support its bullishness.
Depending on the concentration of buyers or sellers at the four-hour 100 MA, the Ripple token could take another hit at the $ 0.56 resistance, resulting in a shift to the four-hour 200 MA at $ 0.40.
