Ripple continuation pattern activated

Ripple is trading in the green after validating the upside breakout from a triangle pattern. It stands at 1.3021 below today's high of 1.3232. XRP/USD has moved sideways in the short term trying to accumulate more bullish energy before jumping higher. Bitcoin's growth helped the altcoins to increase as well.

The price of Ripple jumped above the 1.3 psychological level. It has moved up by 4.24% in the last 24 hours and by 13.81% in the last 7 days. Bitcoin stands in the bullish territory as well, so further growth could also lift the price of Ripple.

XRP/USD More Gains To Come

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Ripple has escaped from the triangle pattern making a valid breakout from this continuation pattern. Now it is located above 1.2958 former high confirming further growth. The current breakout through the weekly R1 (1.2795) indicates strong buyers.

In the short term, we cannot exclude a temporary decline. XRP/USD could come back to test and retest the R1 before jumping higher. Technically, the 61.8% retracement level, 1.4 psychological level, and the R2 (1.4186) are seen as upside targets.

Forecast

The current breakout through the R1 and above 1.2958 is seen as a buying signal. A bullish closure above 1.3232 today's high could activate more gains.

The material has been provided by InstaForex Company - www.instaforex.com

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