XRP is showing strong signs of a potential rally toward the $3 mark this June. Multiple technical indicators and chart patterns suggest that the cryptocurrency might be gearing up for a significant upward move.
Key Technical Indicators Pointing to a Rally
Falling Wedge Pattern Targets $3.20: On the weekly chart, XRP is forming a falling wedge—a bullish reversal pattern. A breakout above the resistance at $2.43 could propel the price toward $3.20, marking a 45% increase from current levels.
Ascending Triangle Suggests $3.50 Target: Daily charts reveal an ascending triangle pattern. A close above the $2.60 resistance could lead to a measured move up to $3.50, representing a 60% gain.
Bullish Divergence in XRP/BTC Pair: Despite XRP/USD forming lower highs since 2019, the Relative Strength Index (RSI) has been ascending, indicating a bullish divergence. This suggests weakening bearish momentum and potential for a price increase.
Positive Spot Taker CVD Indicates Buyer Dominance: The 90-day cumulative volume delta (CVD) shows that buy orders are surpassing sell orders, indicating sustained demand and potential for price recovery.
XRP/BTC Breakout Potential: An asymmetrical triangle on the daily XRP/BTC chart points to a possible breakout toward 0.00003609 BTC, aligning with XRP/USD levels around $3.
Current Market Snapshot
Current XRP Price: $2.20
24-Hour Change: -2.22%
Intraday Range: $2.19 – $2.26
Conclusion
The convergence of these technical indicators suggests that XRP may be on the verge of a significant price movement. Traders and investors should monitor these patterns closely as the market approaches critical resistance levels.
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📢Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your research before making investment decisions.