Ripple price had a tremendous month so far. At the start of April, the price of one Ripple was 0.6, and in two weeks’ time, it almost tripled. Judging by the parabolic move higher, following two triangular patterns, we may say that more upside is possible as the two patterns look like two consecutive pennants.
Last weekend, Bitcoin traded above $60k. Today, it is $60.7k, and the bullish bias continues as more and more institutional investors turn their attention to the cryptocurrency market. Bitcoin’s stability and bullishness spills to other coins, Ethereum and Ripple being two of the best examples.
Ripple price has been butchered before this month on U.S. regulators cracking down on the cryptocurrency. However, for whatever the reason, the market bounced strongly, and now the 2.0 level seems within grasp.
Ripple Technical Analysis
A pennant formation is a bullish pattern that has the measured move equal to the move prior to the pennant, projected from the highest point in the pennant. The two patterns, shown below in orange and blue, point to higher levels and one should not discount a move above 2.0, even though it is beyond the second pennant’s measured move. Traders should keep in mind that the measured move is only the minimum distance the market should travel. Bulls may want to remain on the long side with a stop at the lowest point in the second pennant and target 2.0.