- XRP is showing signs of a possible 75% breakout from a symmetrical triangle chart pattern.
- Large holders increased their XRP positions in May, reversing months of selling activity.
- The $2.34 to $2.40 range is identified as a key resistance level in the near term.
- XRP gained 6.5% in the last 24 hours, reaching $2.20 after recent legal developments.
- Analysts indicate that a move above $2.34 may lead to a price surge and higher liquidation activity.
XRP climbed by 6.5% within the past day, reaching $2.20 on June 28. The increase followed Ripple’s withdrawal of its cross-appeal against the U.S. Securities and Exchange Commission (SEC), according to recent market data.
Charts show XRP is trading within a symmetrical triangle pattern. This setup often appears ahead of a strong price move in the same direction as before. On June 28, the token tested the upper boundary of this pattern, with extra resistance from the 50-day exponential moving average near $2.20.
If XRP breaks higher, prices could move toward the chart target near $3.81—a potential 75% increase. CryptoQuant data also shows that the 90-day moving average of large XRP holders turned positive in May. This change ended four months of distribution and signals new accumulation among big investors.
Earlier accumulation saw XRP rally by 420% in the fourth quarter of 2024. As of late June, new whale inflows have surpassed previous levels, which could support further upside if the trend holds.
A key resistance is expected from $2.34 to $2.40, with over $525 million in possible liquidations around this band, according to Binance’s liquidation heatmap. A move above $2.34 could trigger forced buying from short positions and help drive prices higher.
The article notes that investors should conduct their own research, as all trading involves risk.
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