- XRP breaks out of a months-long triangle pattern, pushing above $3.22 after hitting $3.38 in early August trading.
- Analysts highlight $3.40 as the first major resistance, with further targets at $5.75 and $11.20 based on Fibonacci extensions.
- Key support rests at $2.25, with risk of deeper pullbacks if this level fails to hold during the current consolidation.
XRP has advanced following a decisive breakout from a months-long tightening formation. The move has shifted market focus toward higher price targets. The cryptocurrency surged to $3.38 in early August before easing to $3.22, where it is currently consolidating.
On the weekly chart, XRP had been confined within a narrowing triangle since late last year. The price swings contracted over several months until a breakout in July breached the pattern’s upper boundary. This move has brought the possibility of a multi-stage rally into focus among market participants.
Current Levels and Resistance Outlook
Technical readings show the $3.40 level as the first major resistance. This point aligns with the 1.0 Fibonacci extension from the previous rally. A sustained push above $3.40 could open the path toward $5.75. If momentum continues, the widely discussed $11.20 target from the 1.618 Fibonacci extension becomes more plausible.
The recent price action suggests XRP is undergoing a post-breakout consolidation phase. Market observers are monitoring whether the cryptocurrency can hold ground above $3.20 and then challenge the $3.40 resistance with strong volume. Clearing this threshold would signal potential for the next upward leg.
Key Support and Downside Risk Levels
Support at $2.25 remains a critical level to watch. This zone was formerly a resistance and now coincides with the 0.786 Fibonacci retracement level. A break below it could weaken the bullish outlook and lead to tests at $1.63 or $1.29.
The current setup places emphasis on XRP maintaining its breakout position. The market remains attentive to whether buyers can extend gains beyond $3.40 in the near term. Sustained strength would reinforce bullish projections and keep higher price levels within reach.
