XRP/USD Bullish Flag
Ripple / Dollar BITFINEX:XRPUSD
Ripple has added almost three percent in the past 24 hours. The currency pair develops an upside correction currently. XRP/USD has tested $0.5088 support area on Wednesday, but failed to cross it and retreated.
Let’s have a closer look at the Hourly chart. The currency pair has crossed the resistance area at $0.5444. XRP/USD fluctuates above this level in the moment of writing. Ripple seems to establish a bullish Flag pattern meaning the currency pair is able to run even higher. The possible ways for Ripple are the following:
1. Red scenario ( bearish ). Ripple will break through the closest support area at $0.5444 and move lower, targeting the next support area at $0.5088.
2. Orange scenario (neutral). XRP/USD will stay within the current horizontal range without significant changes, limited by the support area at $0.5444 and the resistance area at $0.5643.
3. Green scenario ( bullish ). The currency pair will break through the resistance area at $0.5643 and run higher, targeting the next resistance at $0.5914.
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