XRP Aims for $2.60 as It Flirts with a Major Breakout Above Key Resistance Levels

Renowned market analyst Ali Martinez has provided a compelling technical perspective underscoring XRP’s likelihood of a price breakout in the upcoming weeks. Interestingly, the notable altcoin has recorded a modest 1.5% increase over the last week, despite facing several rejections near the $2.31 price area.

Based on recent price activities, Martinez hypothesizes that XRP will soon encounter another opportunity to challenge this stubborn resistance, surpassing which could trigger a short-term price surge.

XRP Confronts Essential Resistance At $2.33 – Can Bulls Overcome?

In an X post on July 5, Ali Martinez presents a 4-hour XRP trading chart indicating that the altcoin has sustained a consistent price range since early June, save for a temporary plunge between June 22-23.

According to the provided analysis, the $2.33 mark has consistently served as a ceiling for XRP during the indicated timeframe, with multiple price rejections observed in that vicinity. In contrast, the $2.13 – $2.17 price range has provided robust support, creating a tight consolidation area that could erupt in either direction.

Martinez articulates that a breach above $2.33 could ignite a new wave of bullish enthusiasm, potentially driving XRP toward the next significant resistance level around $2.60, a price point last encountered in May. Should intense buying pressure prevail, market bulls may extend their rally toward higher resistance areas around $2.70 and even $2.84.

Conversely, a failure to reclaim $2.33 would compel XRP to remain confined within its current consolidation zone. On the downside, a sharp decline below $2.13 would expose the altcoin to lower support areas around $2.03 and $1.94, thereby invalidating the existing bullish setup.

While the bearish scenario remains plausible, it is important to note that the technical configuration leans toward a bullish outcome, considering a recent recovery from the June 23 low, when the altcoin briefly fell to approximately $1.92 before quickly bouncing back above $2.21. Furthermore, another swift price dip below $2.13 was succeeded by a rapid price rebound to $2.32.

XRP Market Synopsis

In other news, the XRP Ledger has recently recorded a staggering 1.6 million transactions within 24 hours, signaling a substantial volume of interest and network activity. However, crypto analyst with the X username Ripple Van Winkle emphasizes the necessity for a corresponding rise in trading volume to instigate significant positive price shifts.

As of press time, XRP is trading at $2.21, reflecting a 0.21% decrease over the past day. Nevertheless, the asset’s daily trading volume reaches $1.17 billion after a 43.16% depreciation. With a market cap of $131.04 billion, XRP holds the position of the fourth-largest cryptocurrency and remains a strong favorite among investors for long-term portfolio inclusion.

Featured image from Alamy, chart from Tradingview

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