XRP has reached a new phase of price discovery, following a significant breakout that may herald the beginning of the next rally.
Structural Breakout on Weekly Chart
According to crypto analyst Steph Is Crypto, XRP has officially broken out of a prolonged consolidation range. The chart shows that since late 2024, XRP has been consolidating within a horizontal range between $1.90 and $3.00. After a significant rally lifting XRP from under $0.60 to above $2.00 in just weeks, the asset entered an accumulation zone, fluctuating between support and resistance levels.
The recent breakout above the $3.00 resistance level and a solid close above it indicates the strength of the breakout. This move mirrors an earlier pattern from mid-2024, when XRP similarly consolidated before surging upward.
Market Response and Current Price
Currently, XRP is trading at $3.58, having reached an intraday high of $3.64. This marks a substantial increase from its July levels near $2.00. The breakout is supported by rising trading volumes and an increase in investor interest.
However, whale activity has significantly decreased, indicating that long-term holders are staying put. Analysts are now adjusting their targets, with crypto analyst Peter Brandt projecting a 60% rally, which could take XRP to around $4.47.
Regulatory Changes and Overall Sentiment
XRP's breakout coincides with broader positive trends in the cryptocurrency market, particularly recent regulatory clarity from U.S. lawmakers. The conclusion of the Ripple vs. SEC case is also boosting investor confidence. These changes have created a favorable environment for institutional investors, further supporting price growth.
XRP appears poised to reclaim its status as one of the top-performing altcoins amid this positive market sentiment.
Given the current trends and market conditions, XRP's breakout above $3.00 opens new possibilities for further growth. It is expected that XRP could reach even higher levels in the coming months.
