- XRP consolidates within a descending channel near $2.18, with traders watching for a volume-driven breakout above $2.25 resistance.
- Long-term chart shows XRP progressing through market cycles, with bullish targets at $3.40 and $6.618 based on historical patterns.
- Despite short-term bearish pressure, XRP’s structural support at $2.10 and tightening range signal potential for a breakout soon.
XRP consolidates within a tight range, hinting at a possible breakout. On June 8, 2025, XRP trades at $2.1826 against the US Dollar, down 1.66% from earlier sessions. This follows a minor dip of 0.27% from previous daily levels. Despite the pullback, traders observe tightening price action near key support zones. The four-hour timeframe reveals a persistent descending channel. Price remains confined within established technical boundaries, suggesting mounting pressure for a directional move. Analysts expect a breakout if volume increases near resistance.
Bearish Channel Defines Short-Term Action
XRP remains within a multi-week downtrend, forming lower highs and lower lows. The descending trendline connects multiple failed rallies since early May. Besides, the token reached a local high of $2.65 before entering this bearish phase. Significantly, price action faced multiple rejections near $2.25, reinforcing the resistance. Moreover, volume patterns highlight increased selling pressure during each retracement. The $2.10 region has acted as a reliable support, with buyers stepping in during past pullbacks.
Source: World Of Charts
However, XRP now trades closer to channel support, leaving room for potential upward movement. Consolidation near this zone builds anticipation. Still, without rising volume, a breakout may remain elusive. Additionally, technical indicators continue reflecting bearish structure across multiple timeframes. Hence, any breakout above $2.25 would require momentum confirmation.
Long-Term Chart Reflects Bullish Cycle Behavior
From a broader perspective, XRP follows distinct market cycles since 2014. The asset has moved through accumulation, breakout, correction, and recovery phases. Phase one (2014–2017) saw explosive growth, ending with highs near $3.40. Consequently, Phase two (2018–2019) corrected almost 90%, bottoming around $0.20.
Phase three (2020–2021) displayed renewed strength, lifting XRP to $1.90. Since 2022, Phase four has shown sideways action between key levels. Moreover, this range-bound behavior occurs within a triangular pattern near $2.18. Long-term projections remain bullish. TP1 targets the $3.40 zone, while TP2 stretches to $6.618. These targets rely on historical price behavior and pattern analysis.
Source: CW
Additionally, volume analysis supports these observations. While current activity remains moderate, a surge may signal trend reversal. Overall, XRP’s structure supports potential long-term gains. However, near-term breakout confirmation remains crucial.
