XRP trades at $3.23, forming a bullish pennant as whales buy 320M tokens and institutional demand grows, targeting a rally toward $6.
Today, August 14, XRP is trading at $3.23, down 0.53%.
The fact that it has risen above a bullish pennant suggests that the rally may continue until it hits $6.
Whales and the attention Teucrium’s XXRP ETF is receiving lend credence to this optimistic argument.
XRP Price Is Aiming For Breakout Following Bullish Pennant Breakout
The price was entirely in the grip of bulls from July 6 to July 18.
The price had risen by over 65% in less than two weeks.
Ripple may rise higher if it can continue to rally and surpass the lower highs currently, where the resistance line is located.
This implies that the 65% it reached in July could be the breakout rally.
This rally can start as soon as the price rises above $3.66.
With a 66% price gain from its current level, Ripple could reach $6.
Whether or not bullish traders have sufficient momentum will determine how well this aim is reached.
This is the case now, after the Ripple CTO praises XRPL infrastructure.
When the market is in “greed,” XRP’s RSI does not show any red flags.
That occurs when a buying frenzy causes it to become overbought.
The RSI’s current reading of 57 indicates that a reversal is not imminent until it rises to as high as 80.
Additionally, the MACD is in favor of the bulls. It has been positive despite falling in late July.
This suggests that the price may simply be taking a break.
When bulls agree that further increases are possible, it will probably start to rise again.
A recent CoinGape research adds even more support to this analysis.
According to the article, Ripple and the MVRV have created a golden cross.
In the past, gains occurred when this occurred.
Amid Surging Demand For XXRP ETF, Whales Purchase XRP
When it comes to buying Ripple at its present price, whales are not giving up.
According to analyst Ali Charts, they are experiencing a buying frenzy, much like retail.
This is because they have purchased more than 320 million in just three days.
Emotions typically don’t affect whales. This indicates that there is a deeper motivation behind their purchase.
The Ripple-focused treasury that Vivopower and Crypto.Com disclosed may be the cause.
There is also some interest in Teucrium’s XXRP ETF. Its net assets currently total about $462 million.
This indicates that some want indirect exposure with ETFs, and those who purchase Ripple on the spot market.
Therefore, it will be easy for XRP to reach $6 as long as whales and institutions continue to support it.
Interestingly, optimistic traders are favored by the technical view.
