Analysts point out that XRP may have escaped from the bull pennant on its weekly charts and is currently aiming for this target.
XRP has been rising rapidly above the bull pennants recently
It’s new post At X, analyst Ali Martinez spoke about how XRP ended Bull Pennant recently. Bull pennants refer to the technical analysis (TA) pattern formed when the asset price is successful over the integration period between two convergence trend lines.
Bull Peninto is similar Bull flagthe main difference is that the flags contain parallel channels instead. Just like with the Bull Flag, the first uptrend forms a “pole”, but the integrated channel here is known as “pennant”.
If the price is traded within the pennant portion of the pattern, it may face resistance at the higher level and support at the lower part. Escape from any of these levels may indicate a breakout in that direction.
Since bull pennants are considered to be a continuation pattern, breakouts may be assumed to be more likely in bullish directions. This means that assets could be more likely to spike above the resistance line.
Like a bull pennant, there is Bear Pennant. This TA pattern works just as highly, except for the fact that the pole is represented by a downward movement, and a bearish breakout is more likely.
Well, here’s a chart shared by analysts, showing the pattern that XRP weekly prices were traded until recently.
As shown in the graph above, weekly prices for XRP had previously witnessed integration within the Bull Pennant, but this month the assets finally found a break as their prices finally emerged from the pattern in a sharp way.
A bull pennant breakout is usually considered to be the same length as the pole. Based on this, analysts elicited potential breakouts of cryptocurrency on the charts. The goal that leads is $15.
If such a bull run occurred on XRP, its price would have risen by a whopping 320%. It remains to be seen whether the Bull Pennants will actually hold their assets.
XRP Price
The Altcoins have recently taken off, and XRP is no exception. That price reached the $3.56 mark after a nearly 22% rally last week.
