XRP is repeating its 2017 pattern with a clean retest and consolidation just below the previous all-time high of $3.3.
A successful breakout above $3.3 could invalidate multi-year consolidation and mark the beginning of XRP’s next price discovery phase.
XRP trading volume and market cap surged, signaling strong bullish momentum as investors anticipate a historical breakout from key resistance.
XRP is showing bullish momentum yet again and nearly testing a key resistance around the $3.3 price level. This move is drawing comparisons to its 2017 bull run. With rising trading volume and a market cap surpassing $185 billion, XRP may be on the verge of a massive breakout.
XRP Charts a Familiar Bullish Pattern
Galaxy (@galaxyBTC) highlighted a repeating XRP price structure in a recent tweet. The historical sequence begins with a touch of the previous all-time high (ATH), followed by extended consolidation. Then, an explosive breakout follows once the ATH gets cleared.
https://twitter.com/galaxyBTC/status/1945337859977687541
In 2017, XRP touched its prior ATH, began to move sideways underneath the resistance and then blasted off following the breakout of the $0.40 region. This breakout catalyzed the historical rally that took XRP above $3.
Currently, XRP has touched the $3.3 ATH from its 2018 cycle. Moreover, it has spent months consolidating just beneath this level. This compression phase has built significant bullish pressure, with XRP now trading near $3.25.
Break Above $3.3 Could Trigger Price Discovery
The weekly XRP/USDT chart displays a strong structure. The shaded purple zone near $3.3 stands as a critical resistance band. If XRP decisively closes above this region, it could spark the next leg of a long-term bull market.
The 24-hour trading volume of XRP increased to more than 12 billion dollars. Also, the price of the token has risen by nearly 10 percent during the past 24-hours and more than 32 percent during the past week. This increasing momentum gives the picture of an increasing hunger of investors as XRP finds the breakout region.
Moreover, the market cap recently surpassed $185 billion for the first time, adding further support for a bull narrative. Therefore, a confirmed close above $3.3 can then invalidate multi-year consolidation and keep XRP in unknown territory.
However, traders should monitor volume and daily closes to confirm breakout strength. Moreover, any rejection at this resistance could delay further upside moves.
In conclusion, XRP’s current structure strongly mirrors its past bull cycle. If the $3.3 level gets breached with volume and follow-through, XRP may never look back—just like it did in 2017.
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