Recent movements of XRP against Bitcoin have led to significant trader interest as the asset has overcome long-awaited resistance.
XRP Resistance Break
Crypto analyst Alex Cobb noted that XRP/BTC closed a strong candle above the horizontal resistance, marking a confirmed breakout after weeks of coiling underneath this level. This resistance line has repeatedly rejected attempts for price growth, capping XRP's relative strength against Bitcoin. However, in the latest trading session, the asset managed to establish consecutive closes above this level, supported by moderate volume.
Announcement of XRP Season
Cobb responded to the breakout with confidence, stating: 'Yep I’ve seen enough, XRP season starts now.' This brief but pointed remark reflects the significant breakout many traders have anticipated. Cobb expects XRP to demonstrate relative strength across markets, possibly signaling renewed investor interest. He notes that the breached resistance has now become support, and the asset is entering bullish territory.
XRP's Prospects After Breakout
This breakout significantly changes the dynamics of the XRP/BTC chart. The prolonged period of sideways movement beneath resistance, followed by this decisive move, introduces favorable conditions for further upward movement. Price behavior suggests that accumulation has been occurring over the past few months, resembling a rounding bottom formation with multiple retests of the resistance level. The absence of immediate rejection after the recent breakout further supports the thesis that the breakout is legitimate.
Thus, the XRP breakout may signal a significant trend shift, making it an active participant in upcoming market phases.
