XRP has recently broken above a bullish pennant, indicating potential price growth. Technical indicators and investor accumulation support the continued upward trajectory.
XRP Breaks Above Bullish Pennant
On August 14, XRP traded at $3.23, experiencing a modest 0.53% drop. However, the cryptocurrency moved above a bullish pennant pattern, a continuation signal that can precede further price rallies.
Technical Indicators Support Upside
Currently, XRP's relative strength index is at 57, indicating strong buying interest without signaling an overbought market. Historically, reversals have occurred with RSI levels above 80, suggesting room for further upside.
Institutional Demand Through ETF Exposure
Recent data shows that large holders have accumulated over 320 million XRP in just three days. This significant buying often reflects strong conviction among investors. Additionally, the Teucrium ETF has drawn considerable attention, amassing over $462 million in assets, indicating substantial institutional interest.
In conclusion, with rising interest from both retail and institutional investors, XRP may continue its upward movement. Should demand persist, the cryptocurrency has a real potential to reach around $6.
