XRP Eyes $2.60 As Price Action Teases Breakout Above Critical Resistance

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Renowned market analyst Ali Martinez has shared an interesting technical insight highlighting XRP’s potential of a price breakout in the coming weeks. Notably, the prominent altcoin has registered a minimal 1.5% gain in the past week, despite experiencing multiple rejections around the $2.31 price region.

Based on recent price movements, Martinez postulates XRP would soon presented with another chance to confront this rigid resistance, overcoming which paves the way for a short-term price surge.

Related Reading: Bitcoin Flashes Caution As RSI Repeats Post-Halving Behavior – Here’s Why## XRP Faces Critical Resistance At $2.33 – Can Bulls Break Through?

In an X post on July 5, Ali Martinez shares a 4-hour XRP trading chart that shows the altcoin has maintained a constant price range since the beginning of June barring a temporary breakdown between June 22-23.

According to the presented analysis, the $2.33 level has consistently acted as a ceiling for XRP within the specified time frame, with multiple price rejections seen around that zone. On the other hand, the $2.13 – $2.17 price zone has acted as an efficient support range with equal strength, creating a tight consolidation zone that could explode in either direction.

Source: @ali_charts on XMartinez explains that a breakout above $2.33 could spark a fresh wave of bullish interest potentially pushing XRP toward the next major resistance around $2.60, a price level last seen in May. In the presence of an overwhelming buying pressure, market bulls may extend their rally toward higher resistance zones around $2.70 and even $2.84.

Alternatively, a failure to reclaim $2.33 would force XRP to remain within its present consolidation range. On the the downside, a sharp price dip below $2.13 would expose the altcoin to lower support zones around $2.03 and $1.94, thereby invalidating the current bullish setup.

While the bearish scenario is valid, its worth noting the technical setup favours a bullish outcome considering a recent recovery from the June 23 low, which saw the altcoin briefly dip to around $1.92 before staging a quick rebound above $2.21. In addition, an ensuing price dip below $2.13 was followed by another swift price bounce to $2.32.

Related Reading: Bitcoin Cycle Top Finder Remains Untriggered — What This Means For Price## XRP Market Overview

In other developments, the XRP Ledger has recently registered a record 1.6 million transactions in 24 hours indicating a high volume of interest and network engagement. However, crypto analyst with X username Ripple Van Winkle highlights the need for equivalent rise in trading volume to induce significant positive price changes.

At press time, XRP continues to trades at $2.21 reflecting a 0.21% decline in the past day. However, the asset’s daily trading volume is valued at $1.17 billion following a 43.16% devaluation. With a market cap of $131.04 billion, XRP ranks as the fourth largest cryptocurrency and a strong investors’ favorite for long-term portfolio addition.

XRP trading at $2.2155 on the daily chart | Source: Tradingview.comFeatured image from Alamy, chart from Tradingview Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.