XRP is on the verge of a fresh and new breakout as it is trading around $2.41. Which is often suggested a key support level. As BTC is moving towards its resistance at $105K, which is propelling the overall market including altcoins. Both traders and investors are closely watching XRP to get a recovery from the recent losses. If a successful breakout occurs it will lead to a new and fresh momentum.
At the time of writing, XRP is trading at $2.33 with a 24 hour trading volume of $3.08B and a market cap of $136.57B. The XRP price over the last 24 hours and last week is hit by market volatility but over the last month its price is up by 9.88% and showing signs for next bullish momentum.
XRP builds pressure for breakout toward $5.90
XRP is drawing renewed attention from traders and analysts as fresh technical insights. It suggests a major breakout may be on the horizon. As viewed by respected analyst Master Ananda at TradingView, XRP is not in decline as it recently has been moving sideways, rather, it’s in the process of breaking into consolidation mode in preparation for strong rally. Ananda refers to an upcoming symmetrical triangle forming on the chart, one of the most bullish chart patterns for trend continuation and explosive price movement upon resolution.
Referring back to the performance of XRP in late 2024, Ananda mentions the present price action mirroring the run-up to its last big spike. In the past, XRP surged higher through a string of long green candles in both November and December with strong conviction in the market. The current consolidation being frustrating for some traders is mirroring the same calm before the storm phenomenon. The symmetrical triangle being formed currently is indication of tightening price action. A sign of building pressure in anticipation of release.
Ananda’s technical analysis indicates that in case the breakout above the triangle is observed to the upside. XRP may rally all the way to $5.90 and higher from present levels. For such to occur, however, XRP has to break above levels of resistance. If it will supported by strong volume, ensures a change in trader attitude. Traders are seeing the levels as a setup to launch the stage of the bullish run of XRP. It will also be stuck in consolidation for some time.
