The post Will Bullish Pennant Push It Toward $4.20? appeared on BitcoinEthereumNews.com.

XRP forms a bullish pennant, indicating a potential 34% rally if $3.36 resistance is broken. Key support at $3.05 and resistance at $3.36 hold the breakout potential for XRP’s price trajectory. EMA and RSI signals show bullish momentum, with $4.20 as the projected breakout target. XRP’s price action is grabbing traders’ attention as it is forming a bullish pennant on the 4-hour chart. This pattern often signals a continuation of an existing trend, suggesting a significant rally, if confirmed. Currently, XRP trades near $3.16, just below a key resistance level at $3.36. If it breaks out from this formation, the token could surge toward $4.20—a potential 34% gain. The flagpole, representing the initial rally, supports this optimistic view. Source: TradingView.com Related: XRP Price Prediction: Will ETFs Unlock XRP’s True Potential Key Indicators: Bullish Momentum Building XRP trades above both the 100-day and 200-day EMAs, signaling a bullish outlook for the medium-to-long term. The 20-day and 50-day EMAs are huddled near the current price of $3.15, showing consolidation and hinting at a possible breakout. On the 4-hour timeframe, the RSI is at 50.2, showing neutral momentum. This means XRP has space to move up without being overbought, adding weight to the potential for a bullish breakout. Related: XRP Prediction for January 24: Is $3 the New Support? Right now, support sits at $3.05, with stronger backing near $2.90. Resistance levels are at $3.18 and $3.36. If XRP breaks above $3.36, it confirms the bullish pennant pattern. What Could Happen Next? A breakout above $3.36 with significant volume could lead to a target of $4.20, a 34% rally from current levels. But, if it fails to hold above $3.05, we could see a pullback toward $2.90. Traders should keep an eye on the $3.36 resistance. A clear break would confirm bullish momentum.…

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Filed under: News - @ January 25, 2025 8:27 am