XRP Shows Bullish Signs Amid Market Pressure, Breakout Soon?

XRP is under pressure today as the market struggles. With Bitcoin nearing $100K and Ethereum falling, XRP has also slipped over 4% as traders react to political tensions and a wider market sell-off.

XRP Nears Key $2.40 Resistance

Despite the recent drop, XRP appears to be gaining momentum. Analyst Dark Defender shared recently that XRP is nearing a major resistance level on the weekly chart. If it breaks this key level along with the RSI barrier, it could trigger a strong upward move.

He shared that XRP has a strong price support at $2.22. If it holds above this support and breaks key resistance levels like $2.40, it could shoot up to as high as $5.85, an increase of about 144%. The market seems to be ticking toward a breakout, and excitement is building across the XRP community.

Analysts Point to Crucial Resistance at $2.36 for Breakout

Analyst Egrag Crypto also shared that for a short-term bullish breakout, XRP needs to first close above $2.30 to show buying interest, then surpass $2.35 to build momentum. The crucial level is $2.36, where XRP would break out of a major falling wedge pattern, which is a classic technical signal hinting at an upward trend.

If it further closes above $2.45, then it shows strong bullish control, and crossing $2.65 is the key for a big upward move.

XRP Could Follow 2017 Pattern, Rally Soon?

If XRP follows its 2017 pattern, a final breakout could start in 2-4 weeks. It has already been consolidating for 190 days, close to the 210-day mark back then. So, a big move might be around the corner. But, it may first dip to $2 to grab liquidity before pumping.

XRP is trading around $2.12, down 4% in 24 hours. It is now testing key support near $2.07. If it breaks lower, more losses could follow. Almost all of the moving averages are negative except the 200-day EMA at $2.08, which might act as support. Indicators like MACD remain bearish, and traders seem to be waiting for a clear move.

All eyes are on June 16 next, as a major Ripple v. SEC update is expected, which could decide XRP’s course. Institutional interest in XRP is also growing as VivoPower, Webus, and ACG are making major investments. Several XRP ETF applications await approval, including Franklin Templeton’s decision on June 17.