XRP price could break out of a descending pennant, can it break out to $1?

Following the broader market, XRP is currently in a downtrend and its price continues to fall despite the best efforts of bulls to support its price.

Laodao is bullish on XRP price and it has the potential to break out of the current pennant (below). It shows a continuous breakout trend, one of which occurred in May last month when the price entered a failure channel.

XRP price was able to gather enough momentum even after breaking below the support line at $0.5 and subsequently rising to $0.52.

Similarly, this was the case later this month when the price fell into the descending channel again. This decline caused it to break below the support level. But like last time, it was able to move upwards within this descending channel and eventually break out of it.

There is a possibility of a bounce off the $0.533 support level to exit the current pennant. In this case, its price could go as high as $0.54, just like in the previous case.

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