XRP Surges 4% on Major Technical Breakout, Holds Above $3.50 Despite Late-Selling Pressure

XRP price action breaks six-year triangle pattern as U.S. crypto regulations gain clarity and institutional interest surges.

Key Highlights:

XRP jumps 4%, closing near $3.51 after breaking out of a long-standing symmetrical triangle.

U.S. lawmakers move forward with new crypto legislation clarifying XRP’s legal status.

ProShares debuts the first XRP futures ETF, marking a pivotal moment for institutional investors.

XRP Price Analysis:

In the 24-hour trading window from July 22 (03:00 GMT) to July 23 (02:00 GMT), XRP posted a notable 4% increase, fluctuating between $3.42 and $3.57 before settling just below the day’s high at $3.51. This rally was driven by a confirmed breakout above a multi-year symmetrical triangle, a classic bullish chart pattern, coinciding with positive developments in the U.S. regulatory space and rising institutional interest.

However, profit-taking by institutional traders emerged in the final trading hour, slightly trimming gains and hinting at potential short-term consolidation.

Regulatory Developments Boost Market Sentiment:

Momentum for XRP was further supported by progress in Washington, as Congress advanced the GENIUS and CLARITY Acts — two key bills aimed at creating a comprehensive legal framework for digital assets. These efforts have helped reduce uncertainty around XRP’s classification, fueling confidence among investors.

Simultaneously, ProShares rolled out the first-ever XRP futures ETF, opening the door for more structured institutional exposure to the digital asset.

Wall Street Eyes Higher Targets:

Top market analysts have issued short-term targets of $6.00, with some bullish long-term forecasts reaching up to $15.00, based on historical triangle breakout extension patterns.

Intraday Performance Recap:

XRP broke past the key $3.52 resistance during the 17:00–18:00 GMT window, backed by 106.4 million in trading volume — approximately 52% above the 24-hour average.

Price peaked at $3.57, but late-hour selling saw it retreat to $3.51.

The heaviest selling volume occurred between 02:02–02:03 GMT, with 2.25 million units offloaded, briefly pushing the price down to $3.50 before a modest bounce.

Technical Indicators:

Breakout zone confirmed above $3.00, with this week’s high touching $3.64.

Immediate resistance remains at $3.57, while solid support is evident at $3.42 — tested multiple times.

Both RSI and MACD indicators are neutral, suggesting a balanced outlook in the near term.

Conclusion:

XRP's breakout above its long-term triangle pattern signals a shift in market structure, bolstered by regulatory clarity and growing institutional demand. While late-session selling suggests a brief cooling period, the broader setup remains bullish with eyes on $6.00 in the short run and $15.00 over the long term, should momentum continue.