XRP has broken out of its long-term descending triangle, surging back above the daily Ichimoku Cloud, according to prominent trader Josh Olszewicz.
This comes after the popular token experienced weeks of sideways consolidation.
Earlier today, the XRP price surged to $2.40, the highest level in roughly seven weeks. The most recent move coincided with a substantial increase in trading volume. This is a potentially positive signal for the bulls, but the volume is not overwhelming enough to indicate strong momentum.
Following the recent triangle breakout, there is now a bullish Kumo twist further ahead, with short-term Senkou Span A (green) overtaking longer-term Senkou Span B (red).
1D $XRPback above daily cloud, potential triangle breach pic.twitter.com/QtVvL0Fmjj
— #333kByJuly2025 (@CarpeNoctom) July 9, 2025
XRP bulls will likely have to keep the price of the token above the upper boundary of the triangle (roughly $2.30) to be able to maintain the momentum. That aforementioned twist will become a bullish confirmation if the price holds at the current level or climbs higher.
Will whales push XRP to a record high?
According to crypto analytics platform Santiment, market participants should pay close attention to the growing number of collective balances of whales that hold at least 1 million XRP tokens. Yesterday, this cohort of holders reached a new record high with a total of 2,742 wallets.
The growth of whales indicates that they remain confident in the fourth-largest cryptocurrency by market capitalization. This confidence could potentially push XRP to a new record high.
The token is yet to break above its long-standing record peak of $3.40, which was achieved more than seven years ago, according to CoinGecko data. That said, it came awfully close earlier this year, logging new peaks on several exchanges.
