XRP Price Prediction
The pennant pattern allows buyers to regain depleted bullish momentum from the early July rally.
On the weekly chart, the triangle formation creates a significant horizontal trend for coins #XRP . Daily trading volume at $XRP was $1.02 billion, indicating a loss of 10.3%.
Since mid-July, XRP price analysis has been exhibiting a slow trend echoing within a narrow range spanning two trend lines. The daily chart reflects long wick candles with narrow bodies, indicating no clear start from buyers or sellers.
According to data from XRPScan, the custodial wallet will issue 500 million tokens worth approximately $300 million to the circulating supply on August 1. Supply could enable sellers to breach the psychological support at $0.6.
Breaking above the pennant pattern would indicate that the market has successfully absorbed the newly launched XRP tokens, encouraging buyers to target the major resistance trend line established in September 2021.
Additionally, a daily RSI reading above 60% indicates that traders sentiment towards XRP remains bullish.
A successful break above the indicated trend line will signal a major trend reversal and extend the rise to $0.92 and then to $1.4.