XRP enters potential reversal zone
A technical analyst from the TradingView community suggests that the price of Ripple's cryptocurrency could experience a forthcoming bullish impulse.
XRP managed to consolidate a firm support in the 3 dollar zone and is now preparing for its next major movement.
The market is closely monitoring the behavior of Ripple Labs' cryptocurrency and maintains bullish expectations due to the signals provided by technical analysis.
One of the first elements that stands out in the XRP price chart is the formation of a bullish pennant, a pattern that emerges after a strong push (pole), followed by a price compression phase, in which the highs and lows converge to form the triangular figure.
The setup of this figure usually anticipates the continuation of the initial trend, that is, a strong bullish impulse.
But if XRP investors wanted more signals, here’s another: the asset is entering a potential reversal zone. This is explained by a technical analyst from the TradingView community, who asserts that the cryptocurrency could surge upwards if it strongly breaks the 3.20 dollar resistance.