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XRP is in the green, approaching a key technical level that could signal its next big price move. According to on-chain analyst Ali, XRP is showing signs of an impending breakout, with significant implications for both short-term traders and long-term holders.
Ali highlights the $2.33 resistance level as a key breakout zone. A sustained move over this level, he believes, might pave the way for a rally to $2.60, suggesting a potential surge in upward momentum.
"A breakout above $2.33 could propel XRP toward $2.60," Ali wrote in a recent X post.
At the time of writing, XRP was up 1.84% in the last 24 hours to $2.26. With XRP approaching a breakout zone, all eyes are now on whether bulls can break through the $2.33 level (around the daily SMA 200), which might determine its trajectory in the next weeks.
A breakout might potentially pave the way for even bigger advances to $2.6 and eventually $3. In the event of a rejection or fakeout, the $2 level provides strong near-term support.
Optimism remains
XRP is expected to launch as a spot ETF in the U.S., fueling positive options market expectations. According to Bloomberg analysts Eric Balchunas and James Seyffart, the possibility of the SEC approving a spot XRP ETF is currently 95%, making it almost a done thing.
Ripple, a fintech business that uses XRP to facilitate cross-border transactions, revealed this week that it has applied for a national banking license with the Office of the Comptroller of the Currency (OCC).
XRP's Bitcoin-denominated price, as indicated by the XRP/BTC pair, may be on the rise after breaking out of a falling wedge formation.
The falling wedge is a bullish reversal pattern with two converging trendlines indicating a narrowing price range. The pattern suggests that the pullback from the April highs has concluded, and the overall XRP bullish trend has resumed.
Vladislav Sopov
U.Today Editorial Team