XRP Price Could Surge to $6: Analyzing Bullish Indicators

XRP (XRP) is exhibiting several bullish signals that suggest a rally toward $6 is possible in the coming months. Technical charts and buyer behavior indicate strong upward momentum.

Key Indicators Suggesting an XRP Rally

• Symmetrical Triangle Breakout: XRP's technical chart setup indicates a potential surge to $6.
• Positive Spot Taker CVD: Consistent positive spot taker Cumulative Volume Delta (CVD) reflects strong buyer confidence.

Symmetrical Triangle Breakout Targets $6

XRP is trading above a symmetrical triangle on the daily chart. A sustained close above the eight-year high of $3.66 could propel XRP towards a target of $6.03. This represents a potential gain of 75% from the current levels.

Pseudonymous trader Binance Killers noted on X that the price is retesting the breakout zone, and a bounce would confirm bullish momentum.

Bull Pennant Formation Eyes $5.80

The four-hour chart reveals a bull pennant formation, with XRP facing resistance at $3.46. A breakout above this level could lead to a rally towards the bull pennant's target of $5.80, a 67% increase from the current price.

A bull pennant is a bullish continuation pattern that signals consolidation after a sharp price rise. A breakout from this pattern typically continues the initial bullish trend.

Buyers Dominate: XRP Spot Taker CVD

The 90-day spot taker CVD indicates that buy orders have become dominant. This metric measures the difference between buy and sell volume over three months. Since early June, demand-side pressure has been significant, with XRP reaching multi-year highs above $3.66 on July 18.

Positive CVD suggests bullish traders expect further price increases. If the CVD remains positive, continued upward movement is likely, mirroring previous bull cycles. Currently, 99% of XRP holders are in profit, indicating sustained demand despite the recent rally.

Other technical indicators suggest that XRP's parabolic phase has not fully begun, further supporting the potential for higher prices in the coming weeks.

Disclaimer: This is not investment advice. Trading and investment involve risk; conduct thorough research before making decisions.