Ripple (XRP) is continuing to experience difficulty breaking through the $0.55 resistance level. Despite this, the outlook for the XRP/USD pair remains positive as long as the market is able to maintain a series of higher lows. If the level is held, XRP/USD could be nearing completion of a bullish triangle pattern, with the measured movement pointing towards much higher levels.
The XRP/USD pair began the year by rallying against the US dollar, increasing from $0.3 to $0.6. However, since then it has been unable to break above the resistance at $0.6.
Double bottom patterns at the $0.3 support level signify a bullish reversal, and further demonstrate that the market is gaining energy. If the market is able to close above $0.6, the triangle pattern suggests that the price could reach $0.8.
TradingView’s XRPUSD chart can be seen below.
It is important to note that this analysis is based on a single pattern and therefore not a reliable indicator of future price action. Investors should always do their own research before making any investment decisions.
