- XRP’s long-term chart mirrors its 2017 breakout pattern, signaling a potential bullish cycle.
- Analysts highlight the $3.05 resistance as a critical level that could define XRP’s next major move.
- Rising volume and open interest indicate growing market strength and sustained investor confidence.
The XRP market is showing a renewed pattern similar to its 2017 cycle. After a strong capitulation event in 2023, the digital asset has broken through key resistance levels and sustained its upward momentum. Many traders are questioning whether XRP can repeat its past explosive performance following a similar setup.
Capitulation Pattern Mirrors 2017 Breakout
According to analysis prepared by CryptoWZRD, XRP’s long-term chart displays two clear market cycles. The first occurred in 2017, when a major downtrend ended with capitulation, followed by a sharp breakout six weeks later. This move initiated a prolonged bullish phase that lifted the token to new highs.
Between 2018 and 2022, XRP consolidated within an ascending range, forming a symmetrical triangle. Trading activity during this time remained stable, showing investor accumulation. In 2023, the market witnessed another capitulation event similar to 2017.
The price compressed within a descending wedge and then broke upward, confirming renewed buying pressure and trend recovery. Based on the observation made by The Great Mattsby, XRP has been trading between the 0.886 Fibonacci level and its 2018 high and building a solid base above the key zone. Analysts suggest that maintaining this level could strengthen long-term support for the asset.
Market Strength Builds as Price Nears $3 Resistance
CoinMarketCap data indicates XRP is trading at $2.61 with a 9.02% daily increase. Market capitalization is at $156.86 billion and the trading volume increased by 31.42% to $10.34 billion. The steady rise in both price and liquidity reflects growing participation across exchanges.
Open interest and long-to-short balances in major platforms have been growing and supported by derivatives data provided by Coinglass, indicating a controlled market behavior. Open interest climbed 7.46% to $4.42 billion, indicating higher futures engagement.
Analysts note that XRP’s next key level is the $3.05 resistance. If the asset sustains accumulation and demand continues, a breakout above this mark could extend the bullish cycle. The historical repetition of capitulation followed by recovery leaves traders watching closely to see if XRP’s pattern can repeat once more.
