Key Takeaways
- XRP’s bullish breakout above $3 could lead to its price rallying to a new all-time high, following months of consolidation.
- Crypto experts see a classic bullish inverted head-and-shoulders pattern forming for the XRP price, ahead of a potential breakout.
- Crypto traders and investors remain patient ahead of XRP’s breakout to the upside or downside before entering a trade.
XRP’s price over the last five months has attracted considerable criticism due to its slow bullish price action, as the price has been trading in a consolidation zone for weeks despite the general market and AI tokens demonstrating strong resilience to the upside.
Although XRP has attracted significant institutional interest following its rally towards the end of 2024 to a high of $3.45, with speculation of a potential resolution to its long-standing lawsuit with the U.S. SEC (Securities and Exchange Commission), this case has dragged on for a long time.
Related Read – XRP Price Prediction for July – Are Bulls Eyeing $3 Resistance?
Not only has this lawsuit negatively impacted the price of XRP in the last couple of months, but the price of XRP has also demonstrated low volume and price trading in a range for the vast majority of Q1 and Q2, leading to different XRP price predictions from crypto experts.
A common XRP market analysis over the past few weeks has been experts suggesting a major breakout to the upside following an XRP bullish pattern; however, the price has maintained its range-bound movement with little hope of a significant breakout.
XRP Odds – Will Price Breakout or Crash Lower
Several crypto experts have shared diverse views regarding the price action of XRP. Despite these views, the XRP market analysis has remained optimistic about a potential price breakout to the upside of its lower timeframe descending triangle.
On the contrary, crypto expert and on-chain analyst Ali Martinez has a different view on the XRP price breakout, as he sees the price forming an inverted head-and-shoulders pattern, a classic bullish pattern with strong potential to create a wave of bullish price rally if the price breaks to the upside.
According to the crypto expert, XRP is staging a strong price rally towards key resistance of $2.6, acting as a supply zone for price on different price occasions of breaking out. If the price of XRP breaks above this zone, trading toward $3, we could see strong volume for XRP, with the price aiming for $5 or higher in the coming weeks.
Other cryptocurrency experts have suggested that a strong bullish breakout to the upside for XRP may be unfolding after a prolonged period of consolidation.
XRP Crypto Expert Analysis
XRP’s price has remained within a range for months now, and a major breakout above $3 could signal a strong bullish price push to the upside in the coming weeks. July has historically been a good month for the crypto market.
If the price of XRP fails to break above its resistance, leading to the price trading below the $1.6 support, we could see the price drop to $1, which could also impact the overall market sentiment for XRP.
Traders and investors will continue to closely monitor the price of XRP in the coming weeks to determine their next course of action.
