- XRP has broken above a bullish pennant, with technical indicators suggesting potential gains toward $6 if momentum continues.
- Whales accumulated over 320 million XRP in three days, showing strong confidence alongside rising demand for Teucrium’s XXRP ETF.
- An RSI at 57 and a positive MACD indicate room for further upside without immediate risk of overbought conditions.
XRP traded at $3.23 on August 14, recording a 0.53% drop but maintaining a strong technical setup. The cryptocurrency recently moved above a bullish pennant pattern, often considered a continuation signal that can precede further price rallies.
Between July 6 and July 18, XRP surged more than 65% as bulls dominated price action. Analysts suggest that if the token repeats a similar move and breaks above the $3.66 resistance, the next rally could match that July gain. This would place the price near the $6 level, representing a potential 66% increase from current values.
Technical Indicators Support Upside
At the moment, its relative strength index is at 57, which means that there is high buying interest but not a sign of an overbought market. In the past, reversals have been preceded by RSI levels that have been above 80 and the scope of up-side still remained active. The moving average convergence divergence indicator remains in positive territory despite a late July dip, signaling that the recent pullback may be temporary.
Market data shows that large holders have purchased over 320 million XRP in just three days. Such significant accumulation often reflects strong conviction from investors less swayed by short-term sentiment. This wave of buying aligns with growing interest in institutional products tied to the asset.
Institutional Demand Through ETF Exposure
Teucrium’s XXRP ETF has drawn notable attention, amassing more than $462 million in net assets. This level of investment indicates that demand for XRP exposure extends beyond the spot market and includes substantial participation from institutional channels.
The presence of both retail and institutional investors, along with the favorable technical environment, may indicate that XRP may continue increasing the current growth rates. Assuming there is continued strength in terms of demand when purchasing, the trajectory towards the target of 6 may still exist.
