XRP Breaks Out Of Bull Pennant—Is $15 Now In Sight?

Analyst Ali Martinez has pointed out that XRP has broken out of a Bull Pennant on its weekly chart. A Bull Pennant is a technical analysis pattern that forms when an asset's price consolidates between two converging trendlines after a sharp upward move. The pattern is similar to a Bull Flag, but with converging trendlines instead of parallel channels. When the price breaks out of the pennant, it may signal a continuation of the initial uptrend. The breakout is more likely to occur in the bullish direction, above the resistance line. The analyst shared a chart showing XRP's weekly price consolidating inside a Bull Pennant until recently, when it broke out sharply. Based on the pattern, the analyst has drawn a potential breakout target of $15 for XRP. If this bull run occurs, XRP's price would surge by 320%. The altcoin has already rallied 22% over the last week, reaching a price of $3.56. It remains to be seen whether the Bull Pennant pattern will hold for XRP.