TLDR
- XRP gained 4% in 24 hours, closing near $3.51 after breaking out of a six-year symmetrical triangle pattern
- U.S. Congress advanced crypto legislation reducing uncertainty around XRP’s security classification through GENIUS and CLARITY Acts
- ProShares launched the first XRP futures ETF, marking a milestone for institutional adoption
- Technical analysis suggests potential rally toward $6 target with bull pennant formation on four-hour chart
- Spot taker data shows buyers remain in control despite 99% of XRP holders being in profit
XRP posted a 4% gain during the 24-hour trading window from July 22 to July 23, closing near $3.51. The price moved between a low of $3.42 and a high of $3.57 during the session.
The rally follows a technical breakout from a six-year symmetrical triangle pattern. This breakout coincides with developments in U.S. crypto legislation and new institutional investment products.
XRP broke above $3.52 resistance during the 17:00-18:00 window on volume of 106.4 million. This trading volume was roughly 52% above the 24-hour average of 70.1 million.
The breakout pushed prices toward the $3.57 session high. However, selling pressure emerged in the final trading hour.
Legislative Progress Supports Price Action
The U.S. Congress advanced the GENIUS and CLARITY Acts during this period. These bills establish a legal framework for digital assets.
The legislation reduces uncertainty around XRP’s security classification. This regulatory clarity has been a long-standing concern for XRP investors.
ProShares launched the first XRP futures ETF during the same timeframe. This launch represents a milestone for institutional adoption of XRP.
Wall Street analysts have issued $6.00 price targets following the triangle breakout confirmation. Some longer-term projections reach as high as $15.00.
Technical Analysis Points to Further Gains
Multiple chart patterns suggest XRP could rally toward $6. The symmetrical triangle breakout provides a measured target of $6.03.
This target represents a potential 75% gain from current levels. The price needs to close above the eight-year high at $3.66 to continue upward.
A four-hour chart shows XRP trading within a bull pennant pattern. The price faces resistance from the pattern’s upper trend line at $3.46.
A close above this level would clear a path toward the bull pennant’s target at $5.80. This represents a 67% increase from current price levels.
The 90-day spot taker cumulative volume delta shows buyers remain in control. This metric measures the difference between buy and sell volume over three months.
Positive readings indicate more buy orders than sell orders in the market. This suggests sustained demand despite the recent rally.
Since early June, demand-side pressure has dominated the order book. The XRP price hit multi-year highs above $3.66 on Friday.
Despite the final hour profit-taking, institutional selling appears limited. The final 60-minute window showed distribution behavior with prices dropping from $3.52 to $3.50.
A high-volume drop of 2.25 million units between 02:02-02:03 GMT marked the day’s most intense sell-off. Prices recovered marginally to close near $3.51.
Data shows 99% of XRP holders are currently in profit at these price levels. The continued buying pressure despite widespread profitability suggests strong underlying demand for the token.
The post XRP Price Prediction & Analysis: Bulls Target $6 as Technical Patterns Align appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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