XRP is currently testing an important breakout point after weeks of remaining flat, similar to what Bitcoin did previously.
If China moves above $2.35, it could suggest that bulls are taking over, with $2.29 as the main support level.
XRP’s technical chart structure suggests rising momentum despite low short-term volume.
XRP is showing signs of a potential breakout as market analysts draw comparisons to the recent upward trajectory of Bitcoin. Over the past few weeks, XRP has been consolidating beneath a descending trendline, a technical pattern that Bitcoin previously broke through before rallying to its current valuation of over $108,000.
With XRP trading at $2.31 and showing a minor 0.4% decline in the last 24 hours, observers suggest a breakout could be imminent if price momentum continues.
Technical Formation Mirrors Bitcoin’s Pre-Breakout
Recent weekly charts show XRP following a structure strikingly similar to Bitcoin’s price movement just prior to its breakout. Bitcoin’s weekly candle closed above a descending trendline in late April, and the asset has since gained strong upward momentum. XRP now appears to be following a similar path, with its own descending trendline recently tested and broken to the upside.
https://twitter.com/Steph_iscrypto/status/1927593916334768339
Traders are now paying close attention to the $2.29 level that has stayed stable in the last few days. Near $2.35 lies resistance and if this level is claimed with strong buying, it could signal an uptrend. Historical chart patterns and volume trends suggest that a confirmed close above this range may open the door to extended gains in the coming weeks.
Market Dynamics and Volume Insights
Although XRP’s 24-hour volume and overall price movement remain relatively subdued compared to Bitcoin, the structure of the price chart indicates accumulating pressure. In contrast, Bitcoin continues to dominate market sentiment, currently priced at $108,910.61 with a market capitalization of $2.16 trillion and a daily increase of 0.63%.
Despite the disparity in scale, XRP’s volume profile and tight consolidation range are reminiscent of similar periods in past market cycles when large moves followed prolonged stagnation.
Outlook Hinges on Short-Term Levels
Whether XRP will mimic Bitcoin’s recent rally hinges largely on its ability to hold above key short-term levels and generate sustained buying interest.
While some analysts remain cautious, others argue that the alignment of technical factors justifies a closer watch. Until a clear breakout is confirmed, XRP remains in a zone of potential but unfulfilled momentum.
