New Bullish Pattern Indicates XRP Coin’s Next Recovery rally May Reach $0.5

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Brian Bollinger In the midst of the ongoing correction sentiment in crypto market, the fall in XRP coin prices revealed the formation a flag pattern. The idea of trend continuation is the basis for the flag pattern. This pattern is formed when there is a strong price movement in one direction followed by a period consolidation. This often encourages a continuation of the original trend. Thus, the Ripple price is currently in the aforementioned consolidation awaiting a price breakout.advertisementKey points: The XRP price will continue its downfall ward journey if it stays within the channel structure of the flag pattern
A bullish breakout of the pattern’s resistance trendline may set XRP coin up for a 30% jump
The intraday trading volume of the XRP is $527.5 billion, which indicates a 59.5% increase.
Source: Tradingview During the January 2023 recovery the XRP coin prices reached a two-and a half-month high of $0.433. The increasing uncertainty in crypto markets caused the price to fall from the resistance. The bearish pullback is part of the flag pattern. Market participants may take a pause during this period of consolidation to replenish the bullish trend. This can lead to lower volatility and lower trading volume. Trending StoriesAlso read: Top Crypto Discord Servers/Groups Worth joining in 2023. The coin price traded at $0.38 and showed reversal signs at the combined support of $0.371 and the downsloping trendsline. The bullish reversal may lead to temporary gains for the XRP coin. However, the flag pattern could make it more likely that the XRP price breaks the overhead trendline. The potential target for this pattern is the total length of the flagpole shot from the breakout points.Thus, the post-breakout rally from the resistance trendline may push the XRP price beyond the $0.433 barrier to hit the $0.5 ceiling.Technical IndicatorEMAs: With the recent sell-off in the crypto market, the Ripple price losses support 20-50-and-100-day EMA offering an extra edge to the sellers’ side.advertisementMACD: the MACD(Blue) and signal(orange) lines falling with an increasing gap between them accentuate a sustained selling activity in the market and a higher possibility of a prolonged correction phase.XRP Coin Intraday Price LevelsSpot price: $0.382
Trend: Bullish
Volatility is high
Resistance level: $0.395 and $0.443
Support level: $0.374 and 0.33
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