XRP Price Prediction as XRP Chart Prints Bullish Pennant – Huge Price Pump Incoming?

cryptonews.com:

The XRP price has fallen by 5% in the past 24 hours, with its dip to $0.491066 coming as a correction hits the cryptocurrency market as a whole.

Its current price means it has fallen by 5% in a week but is still up by 26% in the last 30 days, with the token also having risen by 44% since the beginning of the year.

Despite today's fall, XRP is primed to witness further gains in the not-too distant future, with its chart forming a classic pennant, which can signal an incoming breakout.

And with Ripple also awaiting the conclusion to its long-running case with the SEC, XRP could also end up having a massive fundamental boost in the next few weeks or months.

XRP's chart makes for some interesting reading, with its recent price movements forming a so-called pennant (i.e. a flag), in which an asset's price gets increasingly sandwiched in between its support and resistance levels.

It's clear from the chart above that XRP's support level (green) is converging with its resistance level (red), which means that something has to give at a certain point.

However, it's not a given that the convergence will result in a breakout, since XRP has just fallen substantially through its previous support level of $0.50.

At the same time, XRP's relative strength index (purple) has dropped from 70 at the beginning of April to just under 50 today, with the indication being that it could fall further.

It may be pulled down by the cryptocurrency market as a whole, which seems to have corrected in response to a combination of ongoing concerns regarding interest rates and Gary Gensler's vague remarks yesterday regarding Ethereum's legal status.

However, while XRP may be set for further falls in the next few days, its medium- and long-term future still looks