Search ForexCrunch
  • Ripple’s XRP gains in late trading on Thursday, making steps towards larger buying pressure.
  • XRP/USD broke out of a bullish flag pattern formation, that had contained the price for around 15 sessions.

 

Ripple’s XRP price was seen up around 1.5%, in the very latter stages of the trading session on Thursday. Much of the session saw price action as generally muted, trading flat initially, which was observed across the whole market.

XRP/USD had entered consolidation mode on the 16th October, after the large surge higher on 15th October. Given this state of trading that was seen, price action had formed a bullish flag pattern, over the course of 15 trading days.

Technically, the bulls have taken big steps in moving out of the above-mentioned flag pattern set up. This breach will firmly need to be capitalized on to secure, a close above is vital. Should this be seen, the door will likely remain open to further buying pressure. The first likely target would be the round psychological $0.5000 level. Support is eyed around $0.4500, just on top of the breached flag pattern.

 

XRP/USD 4-hour chart