XRP Price Analysis: Signs of a Potential Breakout
XRP has surged by 6.50% in the past 24 hours, reaching $2.20 on June 28. This rally follows Ripple‘s decision to withdraw its cross-appeal against the US Securities and Exchange Commission (SEC), a development closely watched by market participants.
Technical Patterns Point to Upside Potential
Since February’s peak near $3.40, XRP has formed a symmetrical triangle pattern – a technical formation that typically precedes trend continuation. The cryptocurrency now tests this pattern’s upper boundary, with a breakout potentially targeting $3.81, representing 75% upside from current levels.
Whale Activity Signals Accumulation
Market data shows XRP‘s 90-day whale flow metric turned positive in May, indicating renewed accumulation by large holders. Similar patterns preceded the 420% rally in late 2024, suggesting potential for significant movement.
Critical Resistance Levels Identified
The $2.34–$2.40 range presents a key resistance zone, with over $525 million in potential liquidations concentrated here. A sustained move above $2.34 could trigger a short squeeze, potentially propelling prices toward $2.40 and beyond.
Conclusion
While technical indicators suggest bullish potential for XRP, cryptocurrency markets remain volatile. Market participants should consider multiple factors and conduct thorough research before making decisions. The symmetrical triangle formation and whale activity provide compelling signals, but as with all market analysis, outcomes remain uncertain.
