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- XRP price has lost more than 9 percent in the last week, but the formation of a bullish pennant pattern signal a potential reversal.
XRP price has been range-bound for the last five days, spending most of the time between $2.43-2.23. Notably, the coin has been resilient above the $2.20 mark and Bitcoin’s break below $95k has created a sour sentiment in the market. XRP has lost 9.8% of its value in the last week and has a weak upside traction.
Despite this, the coin still has elements of a strong support that could favour a reversal. In addition, it has recently formed a bullish pennant pattern, which could yield a 103% price upside as discussed below. Overall, XRP’s fundamentals look stable, with the impending changes at the Securities and Exchange Commission (SEC) and a likely approval of its spot Exchange Traded Fund (ETF) applications in 2025.
XRP price momentum
Also, the coin trades below its key momentum indicators, affirming the downward-leaning sentiment. The 9-MA has recently crossed below the 21-MA on the daily chart, with the price below both indicators. However, the Relative Strength Index (RSI) is at 54, signaling a potential reversal to the upside.
Meanwhile, XRP’s open interest data signals rising investor confidence in the coin’s performance. According to Coinanalyze data, the value of perpetual contracts rose by 3.34% in the last 24 hours to stand at $2 billion. In addition, futures contracts rose by a higher margin, gaining 22.2% in the same time frame. XRP price could experience substantial growth if the trend continues.
XRP price bullish pennant signals upside
XRP price has formed a bullish pennant on the four-hour chart, signaling a potential breakout to the upside. If the price retests the $2.50 mark, it could validate the breakout and bring the pennant pattern into focus. Using the pennant’s pole as a yardstick, XRP price could potentially rise to $4.580. That infers a 103% upside from the current price and a new record-high price for XRP.
