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Main insights
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XRP technical chart configurations align on the $6 objective.
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Spot taker CVD remains optimistic, indicating faith among purchasers.
Numerous XRP (XRP) pricing charts are exhibiting several favorable signals, indicating that a surge to $6 is feasible in the forthcoming months.
XRP symmetrical triangle breakout aims for $6
Information from Cointelegraph Markets Pro and TradingView illustrates XRP trading above a symmetrical triangle on the daily chart, as depicted below.
The price must close above the eight-year peak at $3.66 to sustain the upward trajectory, with an estimated target of $6.03.
Related: Bitcoin bull run ‘likely nearing conclusion’ says trader as XRP overtakes McDonald’s
This move would bring the total increase to 75% from the existing level.
“XRP has broken out of the symmetrical triangle and reached a new ATH!” stated the anonymous trader Binance Killers in a post on X, adding:
“The price is now revisiting the breakout zone; a rebound confirms the bullish trend.”
XRP price bull flag targets $5.80 next
The four-hour chart indicates XRP trading within a bull pennant, with the price encountering resistance from the pattern’s upper trendline at $3.46.
A candlestick closure above this level would pave the way for XRP’s ascent towards the bull pennant’s target at $5.80, which signifies a 67% increase from the current price.
A bull pennant is a bullish continuation formation in technical analysis, creating a minor symmetrical triangle following a sharp price rise, indicating consolidation.
It generally resolves with an upward breakout, continuing the initial bullish trend.
XRP spot taker CVD shows buyers in command
The 90-day spot taker cumulative volume delta (CVD) indicates that buy orders (taker buy) have regained dominance. CVD measures the disparity between buy and sell volume over a three-month timeframe.
Since early June, demand-side pressure has been prevalent in the order book, with the XRP/USD pair surpassing multi-year highs above $3.66 on Friday.
Positive CVD (green bars in the chart below) indicates confidence among bullish traders expecting further price rises.
If the CVD stays green, it signifies buyers are persisting, potentially setting the stage for another surge, similar to previous bullish cycles.
The chart above implies a higher number of buy orders being executed in the market than sell orders, despite 99% of XRP holders being profitable at current prices. This points to enduring demand even amid the latest rally, positioning XRP favorably for further ascension.
As Cointelegraph reported, other charting technicals and indicators suggest that XRP’s comprehensive parabolic phase has yet to fully commence, strengthening the altcoin’s potential for upward movement in the weeks to come.
This article does not provide investment advice or recommendations. Each investment and trading move carries risk, and readers should conduct their own research when making decisions.
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