Recent analytical forecasts suggest that XRP, the cryptocurrency from Ripple, might be on the brink of a significant breakout, as noted by analyst STEPH IS CRYPTO.
Bitcoin's Rise Sets the Tone
Bitcoin broke through a long-standing downtrend earlier this year, leading to a surge past $100,000. As of the report, Bitcoin is trading at $118,246.91, reinforcing its dominant bullish sentiment. According to STEPH IS CRYPTO, this breakout was not just a technical milestone, but also a signal of the return of macro-level confidence in the crypto market.
XRP's Chart Mirrors Bitcoin's Bullish Structure
As of the report, XRP is trading at $3.04, down from a July peak of around $3.66. Despite the pullback, the price structure remains bullish. XRP is consolidating just below a key resistance zone between $3.20 and $3.23, forming a symmetrical triangle that often precedes a significant breakout. On-chain data supports this setup: exchange balances are decreasing as large holders accumulate XRP, and capital inflows into XRP-based products are rising.
Favorable Fundamentals Strengthen XRP's Position
XRP's fundamentals have significantly improved over the past year. Ripple's long-standing litigation with the U.S. Securities and Exchange Commission (SEC) is effectively nearing its end, alleviating the legal uncertainty that has weighed on XRP since 2020. Meanwhile, institutional demand for XRP continues to grow, fueled by anticipation of a U.S.-approved XRP spot ETF, along with Ripple's expanding partnerships and the launch of its stablecoin RLUSD.
At this point, XRP may be on the brink of a breakout, supported by both technical analysis and improving fundamental indicators. The coming weeks could prove crucial for this cryptocurrency.
