ProShares XRP ETF Tops 6M in Total Volumes As Price Targets $6 Next

XRP price trades at $3.19 today, July 26, 12% below the Monday high of $3.64. Because of this drop, a bull flag has appeared to suggest it is possible for the price to move higher by 82%, especially with big players jumping in.

XRP Price Targets 82% Rally With Bull Flag

XRP looks like it is taking a break from the month-long rally. The chart is beginning to shape up like a bull flag. It is the pattern that often shows up when the price is catching its breath before another push higher.

The target of the bull flag is from the start point of the uptrend on June 27 to the end point of $3.66. This is an 86% increase that might happen from $3.66 to $6.82, and push the XRP price to its new high.

However, the only way that this move to $6.82 is going to happen is if XRP can gain past the hurdle of $3.66. At this point is the resistance, whose breakout will confirm that the drop is a brief pause. Moving above this resistance point is possible considering the bullish news around XRP.

The Stoch RSI is at 2.59, which is such a low level that indicates this coin is oversold. In most cases, it is a sign that recovery is around the corner, assuming that buyers start to step in. For example, on June 22, the XRP price started its 86% rally, now marked by the flag pole, when it fell to oversold regions.

On the other hand, XRP has now pulled back to the lower Bollinger Band. This is acting as firm support at the moment, and if the price holds here, there is still a decent chance it will rebound. But if it breaks below, bulls will close control and open the door for a deeper slide.

ProShares XRP ETF Hits 6M in Total Volumes

The ProShares XRP ETF, which was launched on Tuesday last week, has surpassed 6 million shares in trading volumes. This situation shows that there is a lot of interest going towards this ETF, and this could support the XRP price in gaining.

At the same time, Teucrium’s XXRP ETF is now sitting at $383 million in net assets so far. The quick uptake of XRP tokens for this ETF proves that many big players want to have exposure to Ripple.

Meanwhile, CoinGape has reported that whales have bought 130 million XRP recently, which also goes to show how high the demand is.

In summary, the XRP price is showing some strength, as it eyes pushing past the bull flag at $0.72. If buying activity picks up, an 82% move will be within reach, but even so, there is still a chance the price could remain within range until there is a real surge in buying activity.