Like other cryptocurrency industries, XRP price continues to struggle against bearish winds. Despite the bulls’ best efforts to support this, the price continued to fall. However, it seems all hope is not lost for altcoins as there are expectations of a recovery soon. More specifically, cryptocurrency analyst WalterMoon is particularly bullish on the price of XRP, noting that it is likely to break out of its current pennant.
XRP price fluctuation analysis
To pinpoint where the XRP price is headed, cryptocurrency analysts first analyzed the movements of altcoins over the past few weeks. This analysis showed a consistent, albeit short-lived, breakout trend, suggesting that the altcoin may be ready for another breakout soon.
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One of these breakout trends occurred last month in May when prices entered a downward channel. In the end, the price of
Again, this occurs later in the month when the price falls back into a downward channel. This decline brought it below the support line. However, as before, it was able to move upwards inside this falling channel and eventually broke out of the channel.
Source: Tradingview.com
This trend was recorded several times during the month of May, demonstrating the strength of XRP in the current market. However, the altcoin has once again fallen into another downward channel. Can it maintain its breakout trend like last month?
Gather support from within the pennant
Crypto analyst WalterMoon has identified the price of However, considering the past month’s performance, Moon believes there is still upside for XRP.
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According to analysts, the altcoin is likely to end the current pennant by bouncing off the $0.533 support. In this case, you can send the price as high as $0.54, just like before. “We now think Ripple could bounce off support at $0.5330 and break out of the pennant,” the analyst said.
Despite the optimistic outlook, WalterMoon’s goals remain, for all intents and purposes, conservative. The target still remains above the $0.54 level, and unfortunately there is not much hope for the XRP price to break above $1.
XRP trending at $0.51 | Source: XRPUSDT on Tradingview.com
Featured image from CoinJournal, chart from Tradingview.com