Before the movement of 30,583,773 XRP tokens from a top exchange to an unknown wallet on Friday July 17, things had been quiet on that front with as far as Ripple price was concerned.
This probably accounts for why Ripple price action has been somewhat subdued in the last few weeks. But the emerging pattern on the XRPUSD chart and the pattern on the BTCUSD chart could indicate that something big could happen soon in terms of price action.
Ripple prices are correlated to that of Bitcoin, so a move on the latter has a good chance of spurring a move on the former. So what do the charts say about Ripple Prices?
Technical Outlook for XRPUSD
The appearance of an atypical bullish pattern on the daily chart has generated some optimism of a bullish breakout, but this pattern is a small one and any breakout to the upside may have a limitation in terms of price objective. A bullish end to the pattern targets 0.21256, with attainment of 0.22542 serving as the price objective which corresponds to the measured move from the start of the flag pole at 0.17342 to the flag’s lower border. An extraordinary push may be required for Ripple price to attain 0.24667, and perhaps this only comes if Bitcoin prices stage a similar move.
On the flip side, a downside break of the flag consolidation area negates the pattern and allows a retest of 0.18237. If this level gives way, then 0.17342 becomes the next target. Further downside may target the 0.16001 price level.
Don’t miss a beat! Follow us on Telegram and Twitter.
Ripple Price Chart (daily)
More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Eno on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.