- XRP price gained 65% in July, indicating strong bullish momentum for a $6 target.
- RSI at 57 shows room for growth, with no overbought signals yet.
- MACD remains positive, suggesting buyers control the market as XRP targets $6.
After weeks of steady movement, XRP is now showing early signs of a breakout. The price action has caught the attention of traders following the recent symmetrical triangle formation. With technical indicators pointing to a bullish continuation, XRP could be aiming for the $6 mark in the near term.
XRP Price Targets $6 Amid Looming Pennant Breakout
XRP price is showing signs of a potential breakout as it trades within a symmetrical triangle following its sharp rally earlier in July. Between July 6 and July 18, XRP price gained more than 65%, indicating strong bullish momentum. If a similar move occurs after a breakout above the current resistance line near $3.66, XRP could aim for the $6 mark.
The current XRP price stands at $3.2442. A 65% to 66% rise from this level would place the next potential target between $5.67 and $6.07. This projection aligns with the previous rally and the current pennant formation. The pattern often acts as a continuation setup, especially when preceded by a strong upward trend, as is the case here.
Technical indicators continue to support the bullish outlook. The Relative Strength Index (RSI) is at 57, which shows that XRP price is not overbought and still has room to rise.
Source: TradingView
The Moving Average Convergence Divergence (MACD) remains positive, with the MACD line still above the signal line. These indicators suggest buyers are maintaining control, and a move above $3.66 could trigger stronger momentum.
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