Cryptocurrency analysts are highlighting multiple bullish technical signals for XRP (XRP), suggesting a potential rally towards $6 over the coming months.
Bullish Patterns Point to $6 Target
Data analyzed through Cointelegraph Markets Pro and TradingView indicates XRP is trading above a symmetrical triangle on the daily chart. A close above the eight-year high of $3.66 is anticipated to validate the upward trend, targeting $6.03 for the measured price objective.
“XRP broke out of the symmetrical triangle and hit a new ATH!” stated pseudonymous trader Binance Killers on X. They added:
“The price is now retesting the breakout zone; a bounce confirms the bullish momentum.”
Bull Pennant Aims for $5.80
The four-hour chart reveals XRP forming a bull pennant pattern after rising. The pattern faces initial resistance near $3.46. A close above this level could trigger an ascent towards a target of $5.80, a 67% increase from current prices.
A bull pennant signifies a brief consolidation consolidating gains after a significant price surge, typically leading to an upward breakout.
Spot Taker Volume Shows Buyers Dominant
The 90-day spot taker CVD (Cumulative Volume Delta) chart demonstrates that buy-orders (taker buy volume) have regained prominence. This metric quantifies the difference between buy and sell market orders over the last three months.
With positives (green bars) appearing on the chart since early June, the data suggests sustained buying interest. The XRP/USD pair is noted to have recently surged above the $3.66 high last seen years ago.
A persistent positive CVD signals continued buying pressure, supporting the possibility of further price appreciation.
All indications align to suggest that substantial, committed buyer demand underpins the recent rally, despite the broad market still exhibiting mostly long positions.
This article is not investment advice. Trading and investing involve risk.
