- Ripple price extends on the modest gains seen on Tuesday, as its breaks a bull flag pattern formation.
- Immediate resistance observed at $0.70, then not much in the way until the mid $0.70 region.
The Ripple price was seen up almost 1% on Wednesday, with it making a break out of a bull flag that had formed, following Tuesday’s fast spike higher. Resistance that was initially holding XRP/USD back today was seen at around $0.6750.
XRP/USD during Tuesday’s session broke out to the upside from a falling wedge pattern, the price then went on to sideways trade through much of Wednesday’s session. The narrowing price action has formed a bullish flag pattern, which was then breached as the bullish momentum picked up.
Given the recent development with XRP/USD, out of the bull flag as mentioned above, this has now opened doors for a re-test in the early $0.70 region. Should the bulls manage to breakdown resistance, it may not be long to see mid $0.70 come back into play. Support is now seen at the top of the flag, tracking at 0.6750-40.
XRP/USD daily chart
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