After months of range-bound price action, XRP may be gearing up for a significant rally.
Analysts on the Discover Crypto YouTube channel say technical indicators and whale activity point to an XRP breakout between July and September. While XRP’s price has remained range-bound for months, this trend of underperformance may be nearing its end.
XRP Approaches Key Resistance Levels
Over the past three months, XRP has traded within a narrow band between $2.00 and $2.40. According to Nicky Valdez (Deezy) of Discover Crypto, this period of price consolidation has formed a symmetrical triangle, a technical pattern that often precedes a decisive move in either direction.
Related: Analysts See XRP Building a Liquidity Shelf at Key Support Level
Deezy believes the breakout is likely to occur when the asset reaches 75% to 95% of the triangle’s length. This puts the window for a potential surge between early July and mid-September.
The immediate resistance remains at $2.40. If XRP manages to close above this level and hold, analysts expect a rally toward $2.64. If momentum continues, a further move toward $3.40, XRP’s previous all-time high, is possible. XRP is trading at $2.19, a 0.3% rise in the past day, increasing its gain to a paltry 1.6% in the past week.
Other technical indicators support this outlook. XRP is currently hovering around its 100-day and 200-day simple moving averages, both converging near $2.22. A confirmed close above these levels could signal the start of a broader bullish trend.
Whale Behavior Suggests Accumulation
On-chain data shows a noticeable drop in XRP supply on multiple centralized exchanges within the last 24 hours. Joshua Jake interprets this as a sign that large holders may be moving their tokens into cold storage.
While some movements may reflect internal restructuring, the scale and timing across different platforms suggest active accumulation. Historical data indicate that such exchange outflows often precede price surges, further reinforcing the bullish case.
XRP Parallels with Bitcoin’s 2024 Rally
XRP’s current market structure is drawing comparisons to Bitcoin’s behavior before its late 2024 rally. At that time, Bitcoin ranged between $70,000 and $75,000 for weeks, while its MACD indicator flashed multiple bearish signals. Despite this, BTC stayed within range before breaking out to new highs above $100,000.
Joshua notes that XRP is showing similar MACD divergence patterns while holding above key support zones. This suggests that XRP may be consolidating before a breakout, following the path Bitcoin took less than a year ago.
June as a Historical Turning Point for Altcoins
Analysts also pointed to June as a historically important month for altcoin performance. Over the past six years, June has marked either a bottom or a major shift in trend for the broader altcoin market. This year appears to follow the same pattern, with altcoins stabilizing and some beginning to show signs of recovery.
The total altcoin market cap (Total3) shows June as the local low in 2019, 2020, 2022, 2023, and 2024. If history repeats, XRP could benefit from a market-wide altcoin resurgence heading into the second half of the year.
Bitcoin Dominance Remains a Key Factor
Despite growing optimism around XRP, analysts caution that Bitcoin dominance remains high, currently around 65.7%.
This dominance level reflects Bitcoin absorbing a majority of the market’s capital, limiting room for altcoin rallies. A decrease in Bitcoin dominance would likely be necessary for XRP and other altcoins to achieve substantial gains.
Broader Market Context and Institutional Influence
The analysts also discussed macroeconomic factors and institutional behavior. Bitcoin ETF inflows have reached record levels, with BlackRock’s iShares iBIT ETF pulling in $436 million in a single day, part of a broader $588 million total inflow.
This reflects sustained Wall Street appetite for digital assets, which could eventually trickle down to altcoins like XRP.
Related: ETH, XRP, SOL, TRX: GENIUS Act Lights a Fire Under Altcoins
More than 245 companies now hold Bitcoin on their balance sheets, collectively owning $88 billion worth of the asset. Analysts suggest that as institutional confidence in crypto rises, altcoins with strong use cases and legal clarity, like XRP, could attract renewed interest.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Read the full article here
