Ripple cryptocurrency coin with blocks in blockchain theme
XRP price, like the rest of the crypto industry, continues to resist bearish winds. As a result, prices have consistently fallen despite the bulls' hard efforts. However, all hope does not seem to be lost as there is hope that altcoins will recover soon. Specifically, cryptocurrency analyst Walter Moon is particularly bullish on XRP price, noting that it could break out of its current pennant.
Analyzing XRP price fluctuations
To pinpoint where XRP price is heading, crypto analysts first analyzed altcoin movements over the past few weeks. This analysis shows a short-lived but consistent breakout trend, suggesting that the altcoin may be preparing for another breakout soon.
One of these breakout trends occurred last month in May when the price entered a downward channel. Ultimately, XRP price was able to muster enough momentum even after falling below the support line below $0.5 and subsequently rose to $0.52.
Again, this is seen in the second half of the month when the price falls back into the downward channel. This decline pushed the price below the support level. However, like last time, we were able to rise within this descending channel and eventually break out of it.
Source: Tradingview.com
This trend has been recorded multiple times in May and shows the strength of XRP in the current market. However, the altcoin has once again fallen within another downward channel, but can it sustain the breakout trend from last month?
gather support within the pennant
Cryptocurrency analyst Walter Moon has identified that XRP price is in a downward channel, and the price is taking one hit after another as it continues to fall within this pennant. However, considering last month's performance, Moon believes XRP still has room to rise.
According to the analyst, the altcoin could bounce off the support at $0.533 and break out of its current pennant. In this case, as before, the price may rise to $0.54. “I think Ripple could rebound from the support line to $0.5330 and break out of the pennant,” the analyst said.
Despite the bullish outlook, Walter Moon's goals remain conservative. The target is still above the $0.54 level, so unfortunately we don't have much hope for XRP price to go above $1.
XRP trending at $0.51 | Source: XRPUSDT on Tradingview.com
Featured image from CoinJournal, chart from Tradingview.com
