XRP is showing promising signs as various charts and on-chain data converge around a $3 target. Key patterns indicate increased buying confidence among traders, with one particularly notable point being the positive shift in the spot taker cumulative volume delta (CVD), signaling stronger demand.
The falling wedge pattern in the weekly chart suggests a target of $3.20 for XRP if it closes above $2.43, a crucial resistance level. A break above this could imply a potential 45% gain from current levels. The ongoing consolidation within the wedge indicates that upward momentum may still be on the table.
In addition, XRP is also trading within an ascending triangle on the daily chart, with a target of $3.50 pending a close above $2.60. Having recently bounced from a low of $1.61 in early April, the price has been maintaining above the critical psychological level of $2 since mid-April, which further supports the bullish outlook.
On the XRP/BTC front, a bullish divergence seen in the relative strength index (RSI) indicates that selling pressure may be weakening, potentially allowing traders to accumulate XRP before a price bump. If XRP can break through the resistance levels that align with the 100 simple moving average, we could see it rise by 71% or close to $3.
Overall, the market shows a predominantly positive trend, with buy orders lately dominating the order book. Traders seem optimistic about XRP recovering from recent declines, which suggests a key opportunity for investors to consider their positions moving forward. A green CVD could foreshadow further upward movement as historical trends indicate.
For crypto enthusiasts, this means monitoring XRP's price action closely could be worthwhile, particularly if you are considering entering the market or adjusting your position.
The falling wedge pattern in the weekly chart suggests a target of $3.20 for XRP if it closes above $2.43, a crucial resistance level. A break above this could imply a potential 45% gain from current levels. The ongoing consolidation within the wedge indicates that upward momentum may still be on the table.
In addition, XRP is also trading within an ascending triangle on the daily chart, with a target of $3.50 pending a close above $2.60. Having recently bounced from a low of $1.61 in early April, the price has been maintaining above the critical psychological level of $2 since mid-April, which further supports the bullish outlook.
On the XRP/BTC front, a bullish divergence seen in the relative strength index (RSI) indicates that selling pressure may be weakening, potentially allowing traders to accumulate XRP before a price bump. If XRP can break through the resistance levels that align with the 100 simple moving average, we could see it rise by 71% or close to $3.
Overall, the market shows a predominantly positive trend, with buy orders lately dominating the order book. Traders seem optimistic about XRP recovering from recent declines, which suggests a key opportunity for investors to consider their positions moving forward. A green CVD could foreshadow further upward movement as historical trends indicate.
For crypto enthusiasts, this means monitoring XRP's price action closely could be worthwhile, particularly if you are considering entering the market or adjusting your position.
