Whales are optimistic, thus XRP could need to go through a little sell-off phase before verifying the positive continuation pattern. In the upcoming weeks, the price of XRP symbols down $0.61 might rise by more than 20% because of a traditional bullish continuation scenario.
The Price Of XRP Reaches The Bull Flag Breakthrough Phase
After a significant increase, the price combines inside a parallel channel, forming what is known as the bull flag pattern. It ends when the price climbs to the height of the prior upswing and breaks over the trend line’s peak with strong volumes. Even with lower volume, XRP traded above the upper trendline of its bull flag as of November 26. Technically speaking, that suggests that traders are less certain about XRP’s bullish continuance.
The length of the traders’ indecision may have caused the price of XRP to test the upper trendline of the flag as support. By November, it implies a drop approaching $0.59, which is in line with the 50-day cumulative average of motion (50-day EMA; the red wave) and a historical support level. This level coincides with the token’s weekly timeframe chart’s downward objective. In December, assuming the bull flag scenario persists and is marked by a substantial volume comeback from the upper trendline, XRP may rise toward $0.75, up over 20% from its present levels.
On the other hand, a break below the upper trendline of the flag would stall the bullish continuation setup and force the next downward target to be the lower trendline, which is located at $0.54 and coincides with the 200-day EMA (the blue wave). Notably, the supply of cryptocurrency has increased among accounts with an equilibrium between 100,000 and 10 million tokens throughout the correction period.
