As of the time of writing, XRP has successfully broken through a long-term consolidation pattern, with the price chart showing upward momentum. The cryptocurrency market is bullish, with Bitcoin [BTC] actively exploring new highs. Altcoins are also following suit, with a market capitalization exceeding $1.25 trillion.
This is an interesting development as this resistance has been hindering the altcoin's movement since February 2025. Over the past two weeks, Bitcoin's dominance has dropped from 65.9% to 64.46%. Taken together, these factors may explain why large altcoins like XRP have rekindled bullish confidence since the end of June.
Reasons why XRP is expected to rise further
Cryptocurrency analyst Ali Martinez described XRP's symmetrical triangle formation in a post on X, which dates back to 2018. According to the Chart Pattern Encyclopedia, a breakout of this formation will reach a significant portion of the triangle's apex. Based on this data, XRP's target price is expected to be $16.17.
This could bring the token's market capitalization close to $1 trillion. While this number may be overly optimistic, XRP's upward momentum could extend to the next $6 level.
The daily chart highlights the range formation since March 2025. The recent breakout of the range high at $2.6 has occurred. Additionally, both the daily and weekly charts show a bullish market structure. Weekly pivot points are marked in orange at $1.61 and $3.4, respectively. The breakout above the $2.65 high (orange dashed line) marks a bullish structure breakout on the weekly timeframe.
On the daily chart, the breakout above $2.33 on July 9 confirmed the bullish structure. The CMF indicator (as of the time of writing) reads +0.05, reflecting strong capital inflow. The MACD indicator is also trending upwards, signaling bullish momentum.
A breakout above $2.6 suggests that $3 and $3.3 will be the next price targets. Meanwhile, a retest of the $2.6 level should see a bullish reaction in price. Long-term investors could take advantage of this breakout to accumulate XRP and anticipate further rises in the coming months.
However, the $70 million inflow of XRP to the centralized exchange Coinbase may be a concerning development. Especially as it suggests there could be significant selling pressure in the coming days, traders should remain vigilant.
