XRP price looks to continue its ascent
XRP price action over the past month or so has set up a bull flag continuation pattern. The 55% run-up between February 3 and 8 created a bull flag, and consolidation that ensued between converging trend lines set a flag.On March 11, the XRP price breached the flag’s upper trend line at $0.779, indicating a breach of the pattern. This technical formation forecasts a 31% ascent to $1, determined by measuring the bull flag’s height and adding it to the breakout point.
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So far, the XRP price seems to be holding up well but needs to surpass the $0.856 and $0.917 hurdles to reach its intended target at $1.
While the breakout from the bull flag formation is bullish and something to look forward to, the funding rate for XRP price seems to have spiked massively. The funding rate is used to determine which side of the camp traders are in. A positive value suggests that many investors are expecting the asset to go higher.
However, extreme values are often indicative of the tops or bottoms. For Ripple, the funding rate has seen an uptick from 0.015% to 0.123%, a 720% increase, suggesting that a temporary reversal in trend is likely
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