RIPPLE (XRP/USD) Ready To Make a Breakout From Chart Patterns?

The Weekly chart
Like almost the whole market, Ripple' had also a low volume week. The price range was between $0.44 to $0.485. Technical it is in the good area if we want to see higher prices but as always all depends on the Bitcoin' and on the market. Currently, the price trades between April and March low.

The daily chart

If we look at the daily chart then there are several bullish signs. Some chart patterns and some pretty good price levels which work strongly as a resistances and supports.

Let's start with the chart patterns:
There is a Triangle and there is a continuation pattern called "Bull Flag". The triangle is the easiest pattern to trade - if You see a breakout to either direction then this could be the next possible way where the price is heading. Breakout would be confirmed if You see at least a four-hour candle above or below the triangle, full confirmation comes from the daily candle close. Currently, we are on the triangle tip and if You have invested in the Ripple then You have to be alert because we could see the high volume. Obviously, it depends on how the market reacts but we give to You confirmations to either direction.

Now the continuation pattern - "Bull Flag". Currently, the short-term trend is up and it confirms that the bullish momentum may come after the breakout upwards from the mentioned pattern. The massive confirmation would be a candle close above the Bull Flag upper resistance line and above the triangle trendline, then we have two bullish confirmations and we could be ready to climb to the higher levels.

Let's count weekly forecast bullish scenario:
1. We have to break above the bull flag, the price has been in this flag now more than 14 days and a breakout could trigger the volume!
2. At least daily or the four-hour candle has to close above the triangle and above the March low level at $0.47

After those confirmations comes the round number resistance $0.5 and the 200 EMA crossing area. We could assume that after those low volume weeks this resistance is easy to break if we see a volume inside the shorter time frame candles and a break above the $0.5 will guide us easily around the $0.6.

Bearish scenario:
1. A candle close below the Bull Flag
2. A candle close below the Triangle
3. A candle close below the April low at $0.454

This scenario could be pretty ugly because we could go and print the new short-term lower low below $0.4. Summary, a daily candle close, with the high volume inside of it, below the April low level will confirm bearishness and our recommendation is to stay away from the Ripple' if this happens.


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