Key Highlights
- XRP price jumped about 5% after breaking out of a month-long symmetrical triangle, signaling renewed bullish momentum.
- Investors and whales are holding XRP, with over $33.2 million withdrawn from exchanges and whale deposits to Binance falling to a two-month low.
- Trader confidence is growing, as open interest increased to $2.52 billion and positive funding rates showed more traders are betting on further price gains.
XRP is back in the spotlight after breaking out of a price pattern that had kept it stuck for more than a month.
The cryptocurrency has pushed upward today by about 5% after closing in the green for a fourth consecutive session. At the time of writing, XRP is trading for $1.14, up from an intraday low near $1.05. Its trading volume also recorded around $1.41 billion, which is around a 43.27% increase in the 24 hours.
The rally was influenced by Bitcoin’s recovery above $66,000, which had lifted the overall crypto market. As a result, it also helped XRP break above an important resistance level that traders had been watching for weeks.
XRP breaks out of month-long pattern
Since mid-June, the token had struggled to make a strong move in either direction. Buyers kept pushing the price higher, while sellers continued holding it back.
This created what traders call a symmetrical triangle, a chart pattern that often shows the market is waiting for a clear direction. After several weeks of back-and-forth trading, buyers finally took control and pushed XRP above the upper trendline, confirming the breakout.
The triangle started forming on June 15 after XRP reached a lower high of $1.29. From that point, the price kept making lower highs and higher lows, showing that both buyers and sellers were becoming more cautious. Trading activity also became less volatile as the pattern developed.
The resistance level around $1.13 became the key point to watch because a move above it could signal that the market was ready to turn bullish again. That is exactly what happened as XRP closed above the trendline on Monday before extending its gains on Tuesday.
XRP’s 14-day Relative Strength Index (RSI) also climbed to 54.70, moving above the neutral level of 50 without reaching levels that usually signal the market is overheated.
XRP price levels to watch next
However, even though this breakout might be exciting, the next few price levels are also very important to look at.
The first major level to watch is around $1.18. This is where the price lost momentum earlier this month. If buyers manage to push above that area, attention could then shift to $1.29, the level where the triangle first began.
The market holding above this level would show that buyers remain in control and that the recent breakout is not just a short-lived move.
Exchange outflows reduce immediate selling pressure
Moreover, investors are not actively buying XRP. Instead, they are sending it to exchanges to sell. According to data from Coinglass, about $33.2 million worth of XRP was withdrawn from crypto exchanges over the past seven days.
Spot exchange flow | Source: Coinglass
When investors move coins away from exchanges, it usually means they plan to hold them rather than sell them immediately. This has reduced selling pressure and added support to the latest price recovery.
Whales reduce their selling pressure
In addition, large XRP holders, often called whales, are also showing similar behavior. According to CryptoQuant data, the amount of XRP sent by whales to Binance has dropped sharply. The platform’s 30-day Whale Inflow to Binance indicator fell to 947.4 million XRP, its lowest level in two months.
Just a few weeks earlier, the figure had reached 1.445 billion XRP. Since large deposits to exchanges are often linked to possible selling, the decline suggests that major holders have become less willing to move their XRP onto trading platforms.
Futures traders increase bullish bets
Activity in the futures market also points to growing confidence among traders. Coinglass data also shows that open interest has increased by 1.81% to $2.52 billion. At the same time, funding rates remained positive after climbing 9.17% to 0.008681.
Positive funding rates usually mean that traders betting on higher prices are still willing to pay to keep their positions open. While this shows confidence, it also means the market could become more volatile if prices suddenly move in the opposite direction.
History offers more market context
History is also giving some traders another reason to stay optimistic. In the past three Julys during U.S. midterm election years, XRP has recorded an average gain of 14%.
One of its strongest performances came in July 2014, when it closed the month 34% above its opening price.
While past performance does not guarantee the same result this time, this recent price action with the other confluence combined puts XRP back in focus as traders watch to see whether the rally can continue.
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