Is XRP Eyeing a Major Breakout? Here’s What the Charts Say

Highlights to Consider

• Technical indicators for XRP point to a possible goal of $6.

• The positive spot taker CVD reflects strong buyer confidence.

Several price charts for XRP are signaling bullish trends, indicating a possible rally toward the $6 mark in the approaching months.

XRP’s Symmetrical Triangle Breakout: Aiming for $6

According to data from Cointelegraph Markets Pro and TradingView, XRP is currently trading above a symmetrical triangle pattern on the every day chart. This setup suggests a possible upward movement.

For XRP to keep up its upward trend, it needs to shut above its eight-year high of $3.66, aiming for a goal of $6.03. Achieving this is able to end in a 75% gain from its current price.

“XRP has broken out of the symmetrical triangle, reaching a new all-time high!” commented Binance Killers, a pseudonymous trader, on an X post over the weekend. He also noted:

“The price is retesting the breakout zone; a bounce here would confirm the bullish momentum.”

Could XRP’s Bull Flag Propel It to $5.80?

The four-hour chart reveals that XRP is forming a bull pennant, with resistance on the pattern’s upper trendline around $3.46.

If XRP closes a candlestick above this resistance, it could pave the best way for a rise toward the bull pennant’s goal of $5.80, marking a 67% rise from its current level.

A bull pennant is a continuation pattern in technical evaluation characterised by a small symmetrical triangle following a pointy price increase, indicating a period of consolidation. Typically, such patterns resolve with a breakout within the direction of the initial trend.

XRP Buyers Taking Charge: What the Spot Taker CVD Reveals

The 90-day spot taker cumulative volume delta (CVD) indicates that buy-orders have once more taken the lead. CVD measures the difference between buy and sell volumes over the past three months.

Since early June, buying pressure has dominated the order book, with XRP/USD reaching multi-year highs above $3.66 last Friday.

Positive CVD, shown as green bars within the chart below, reflects optimism amongst bullish traders, anticipating further price increases.

This chart shows that more buy orders are currently being placed than sell orders, regardless that 99% of XRP holders are in profit at current prices. Despite the recent rally, this means a sustained demand for XRP, positioning it well for further gains.

As reported by Cointelegraph, additional technical indicators suggest that XRP’s parabolic phase is yet to totally unfold, underscoring the potential for further upward movement in the approaching weeks.

Please remember, this text doesn’t provide investment advice or recommendations. Every investment and trading decision involves risk, and readers should do their very own research before making a choice.