XRP price broke out of a bull pennant on April 10, targeting $1.58 If the buying pressure persists, Ripple might surge another 16% to $1.68. The MRI shows the formation of a cycle top on the 12-hour chart suggesting a move lower. XRP price has been on a tear lately as it has more than tripled since late March. However, considering the overall cryptocurrency market being overextended, the remittance token might be due for a correction. XRP price remains indecisive XRP price spiked 100% from April 4 to April 6, creating a flag pole. The consolidation in the form of pennant that ensued after the initial leg-up created a bull flag pattern. The technical formation forecasts a 50% upswing, determined by measuring the flag pole’s height and adding it to the breakout point. This consolidation saw a breakout on April 10 at $1.05, which signaled the start of a new uptrend to $1.58. Since breaking out of the pennant, XRP price has surged nearly 42% to $1.50 but failed to hit its target at $1.58. If the remittances token manages to muster up bullish momentum, it might head toward the immediate supply barrier at $1.68, created by the Momentum Reversal Indicator’s (MRI) breakout line. XRP/USDT 4-hour, 12-hour chart The bullish momentum that more than tripled XRP price seems to have disappeared, resulting in consolidation. Additionally, the MRI has printed a cycle top in the form of a red-one candlestick on the 12-hour chart, forecasting a one-to-four candlestick correction. Hence, a potential spike in selling pressure might push XRP price toward the 78.6% Fibonacci retracement level at $1.16. This move would indicate a 19% downswing. If the said barrier fails to absorb the bearish momentum, the Ripple price could be in for a 13% correction toward the MRI’s State Trend Support at $1. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next China’s Q1 CNY-denominated exports surge 38.7% YoY, imports up 19.3% FX Street 2 years XRP price broke out of a bull pennant on April 10, targeting $1.58 If the buying pressure persists, Ripple might surge another 16% to $1.68. The MRI shows the formation of a cycle top on the 12-hour chart suggesting a move lower. XRP price has been on a tear lately as it has more than tripled since late March. However, considering the overall cryptocurrency market being overextended, the remittance token might be due for a correction. XRP price remains indecisive XRP price spiked 100% from April 4 to April 6, creating a flag pole. The consolidation in the form of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.