Key takeaways
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XRP technical chart setups converge on the $6 target.
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Spot taker CVD remains positive, suggesting confidence among buyers.
Several XRP (XRP) price charts are flashing multiple bullish signals, suggesting that a rally to $6 is possible over the next few months.
XRP symmetrical triangle breakout targets $6
Data from Cointelegraph Markets Pro and TradingView shows XRP trading above a symmetrical triangle on the daily chart, as shown below.
The price needs to close above the eight-year high at $3.66 to continue the upward trajectory, with a measured target of $6.03.
Related: Bitcoin bull run ‘likely close to over’ says trader as XRP flips McDonald’s
Such a move would bring the total gains to 75% from the current level.
“XRP broke out of the symmetrical triangle and hit a new ATH!” said pseudonymous trader Binance Killers in an X post on Saturday, adding:
“The price is now retesting the breakout zone; a bounce confirms the bullish momentum.”
XRP price bull flag eyes $5.80 next
The four-hour chart shows XRP trading with a bull pennant, with the price facing resistance from the pattern’s upper trendline at $3.46.
A candlestick close above this level will clear that path for XRP’s rise toward the bull pennant’s target at $5.80, representing a 67% increase from the current price.
A bull pennant is a bullish continuation pattern in technical analysis, forming a small symmetrical triangle after a sharp price rise, signaling consolidation.
It typically resolves with an upward breakout, continuing the initial bullish trend.
XRP spot taker CVD shows buyers in control
The 90-day spot taker cumulative volume delta (CVD) shows that buy-orders (taker buy) have become dominant again. CVD measures the difference between buy and sell volume over a three-month period.
Since early June, demand-side pressure dominated the order book, with the XRP/USD pair hitting multi-year highs above $3.66 on July 18.
Positive CVD (green bars in the chart below) indicates optimism among bullish traders anticipating further price increases.
If the CVD remains green, it means buyers are not backing down, which could set the stage for another wave of upward movement, as seen in previous bull cycles.
The chart above suggests more buy orders are being placed in the market than sell orders, despite 99% of XRP holders being in profit at current prices. This suggests sustained demand despite the latest rally, which puts XRP in a good position to continue climbing.
As Cointelegraph reported, other chart technicals and indicators suggest that XRP’s full-blown parabolic phase has not fully started, reinforcing the altcoin’s potential to move higher over the next few weeks.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
