XRP price could witness a pump towards higher targets. A consolidation appears at the top end of a newfound range, forming a bullish pennant. Key levels have been defined to gauge XRP’s next potential move.
XRP price diverges from the market
XRP price has set itself apart from most alt-coins during the third trading week of November as several retaliation signals are displayed on the daily chart. While other cryptos in the market, including Bitcoin and Ethereum, have formed a bearish pennant, the digital remittance token has formed the inverse pattern. If the bullish pennant is genuine, the XRP price could rally towards the mid $0.40 zone in the coming days.
XRP currently auctions at $0.37. The bulls breached the 8-day exponential moving average (EMA) earlier in the week and auctions above the indicator after several retests. The Relative Strength Index (RSI) is back above support, and the moving averages suggest a low could be in place.
For traders looking to partake in the move, a buy stop could be placed above the pennant to avoid being on the wrong side of the trend. A break above the pennant at $0.40 could provoke a rally toward $0.45 and potentially $0.49. Invalidation of the bullish outlook would be a breach below $0.36, providing that the top of the pennant gets breached.