XRP is once again drawing attention as it approaches a critical resistance level against Bitcoin. Analysts emphasize the importance of breaking this level for the start of a new bull market.
3,000 Days of Resistance
Analyst Galaxy noted that XRP/BTC is trading just below a descending trendline that has been in place since 2015. This resistance has consistently rejected breakout attempts, including significant price swings in 2017, 2021, and 2024.
"$XRP is chilling under the +3000 days trendline on the BTC pair. A breakout here is what we're looking for to start the bull-run we've been waiting," stated Galaxy.
XRP/USD Cools After July Highs
After surging to a local high of $3.64 in mid-July, XRP has since cooled, now trading in a tight range between $3.09 and $3.17. This reflects consolidation following a strong rally.
The correction began on July 24, when XRP sharply dropped from above $3.50 to $2.99 in a single day due to profit-taking.
Key Condition Before XRP's Breakout
Galaxy emphasizes that XRP's breakout won't be confirmed until the multi-year resistance on the BTC pair is decisively breached. This means a weekly candle must close above the trendline. Without this, the breakout may be a false signal. Failure to break above the resistance could lead XRP lower to key support levels around $3.00, $2.95, and potentially $2.30.
The current technical setup for XRP suggests a potential breakout that could redefine its market trajectory. However, Galaxy warns that this breakout has not yet occurred, and until confirmed, XRP remains in limbo, consolidating beneath a historic resistance level.
