$XRP Bullish Pennant Breakout?
Ripple 
XRP has been in the news again in regards to their ongoing court case with the SEC. Rumors of a positive verdict are circulating, which typically creates bullish sentiment for price action- but Ripple has been in this situation several times over this long litigation. So what does the chart say?
The white trend lines show a pennant formation on the daily time frame that has been in progress for over 2 months. One thing we teach our course takers is to pay attention to is how many attempts were made to break either trend line. With that in mind, the upper trend line has been touched many more times than the lower trend line, which could produce a bullish break out. But what does the TBO show?
The TBO stands for Trending Break-out, and is our favorite indicator for gauging the strength of a trend, as well as identifying when a break-out might happen next.
When we look at the TBO alone, we can clearly see that the trend is bullish since the lowest line, the TBO Slow Line, is angled up and moving up. TBO Resistance (the dotted green lines at the bottom of the chart) has moved up to 0.4157, which confirms that support has been moved higher- a bullish sign.
Things that make us concerned when we look at the TBO are the fact that the price of XRP is inside the TBO Cloud, similar to what the Ichimoku Cloud means in terms of confirming consolidation. While the TBO Fast Line is pink (confirming the previous TBO Open Short symbol on May 8th), which should be a bearish indication for the trend, the fact that XRP is currently above the TBO Fast Line is a good sign of a change from bearish sentiment to bullish sentiment.
The final thing we will leave you with are words of wisdom from long ago:
Buy the rumors and sell the news.
However, a break above this long-term white overhead trend line would be very big for XRP, allowing it to move up to 0.50 or higher very quickly.
XRP has been in the news again in regards to their ongoing court case with the SEC. Rumors of a positive verdict are circulating, which typically creates bullish sentiment for price action- but Ripple has been in this situation several times over this long litigation. So what does the chart say?The white trend lines show a pennant formation on the daily time frame that has been in progress for over 2 months. One thing we teach our course takers is to pay attention to is how many attempts were made to break either trend line. With that in mind, the upper trend line has been touched many more times than the lower trend line, which could produce a bullish break out. But what does the TBO show?
The TBO stands for Trending Break-out, and is our favorite indicator for gauging the strength of a trend, as well as identifying when a break-out might happen next.
When we look at the TBO alone, we can clearly see that the trend is bullish since the lowest line, the TBO Slow Line, is angled up and moving up. TBO Resistance (the dotted green lines at the bottom of the chart) has moved up to 0.4157, which confirms that support has been moved higher- a bullish sign.
Things that make us concerned when we look at the TBO are the fact that the price of XRP is inside the TBO Cloud, similar to what the Ichimoku Cloud means in terms of confirming consolidation. While the TBO Fast Line is pink (confirming the previous TBO Open Short symbol on May 8th), which should be a bearish indication for the trend, the fact that XRP is currently above the TBO Fast Line is a good sign of a change from bearish sentiment to bullish sentiment.
The final thing we will leave you with are words of wisdom from long ago:
Buy the rumors and sell the news.
However, a break above this long-term white overhead trend line would be very big for XRP, allowing it to move up to 0.50 or higher very quickly.
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