- XRP broke out of a long-term descending channel, leading to a 34% upward price move.
- The current RSI at 58.41 suggests continued momentum without entering overbought territory.
- XRP trades near resistance at $2.96, with support holding firmly at $2.85
XRP has recorded a significant move upward after breaking out of a descending channel on the 12-day chart. The breakout has led to a 34% gain, with the price currently positioned at $2.95. The market cap is currently at $174.67B with a 2.29% increase,however volume has declined 33.77% to $6.71B. This move comes after months of consolidation within a tightly bound downtrend, marked clearly by the declining parallel channel.
XRP has now moved a new high and broken the upper trendline resistance, indicating a bullish change of short-term structure. The recent price action describes a steady bias upwards since the beginning of July, with several green candles representing consecutive high prices on the way up.
Technical Indicators Show Neutral Momentum
On the hourly chart, the RSI (Relative Strength Index) is at 58.41 and the signal line is at 54.87. These figures indicate that although XRP is gaining strength, the asset has not yet reached overbought conditions. This supports the idea that price could continue within its current trajectory without facing immediate resistance due to buyer exhaustion.
Furthermore, the Moving Average Convergence Divergence line shows healthy bullish volume. The MACD line at 798.15 million stands well above the signal line at 540.72 million, with the histogram confirming the positive divergence at 257.43 million. This technical configuration supports short-term bullish continuation.
XRP Holds Above Support as Price Tests Resistance Zone
With the price nearing the resistance level at 2.96, market actors are attentively observing to understand whether the momentum can break through. At the time of writing, XRP is trading above its short-term support at 2.85, and it is offering a good foundation in case of a small decline with price up 34% from recent breakout level.
The activity on this range can determine where XRP is headed in the coming sessions. Notably, this consolidation area is developing following a rapid rise from the breakout zone, highlighting potential for continuation or short-term correction. Volume remains elevated, indicating ongoing interest at current levels.
