XRP News Today: XRP Gains 69% as Breakout Above $3.20-$3.00 Resistance Triggers Bullish Pennant Pattern

XRP (XRP) is trading at approximately $3.48 on July 23, 2025, following a breakout above critical resistance levels at $3.20 and $3.00 earlier in the week. The price has formed a bullish pennant pattern on the daily chart, indicating potential for further upward movement after a multi-month consolidation phase within a descending structure. This rally, which pushed XRP from below $2.10 to $3.55, was driven by a breakout from a falling wedge, with the cryptocurrency now consolidating near $3.62 as it forms a flag-like pattern [1].

Technical indicators suggest a post-breakout consolidation phase. On the 4-hour chart, XRP is compressing within a symmetrical triangle, with resistance at $3.62 and support at $3.35. While parabolic SAR dots have flattened, signaling cooling momentum, the On-Balance Volume (OBV) remains elevated at 3.49 billion, indicating sustained accumulation rather than speculative activity [1]. Meanwhile, short-term volatility has led to a pullback after XRP briefly touched $3.55, with rejection from VWAP resistance at $3.52 and Bollinger Bands suggesting intraday traders are reducing positions [1].

Key technical levels remain in focus. The 20 EMA at $3.48 currently acts as dynamic support, while the 50 EMA ($3.31) and 100 EMA ($3.04) provide additional underpinning. The 200 EMA at $2.75 reinforces the asset’s position above its long-term trend. Bollinger Bands are narrowing following prior expansion, with price currently clustering around the middle band at $3.48. A breakout from the pennant structure could trigger a move toward $3.88–$4.00, a level marked by psychological and technical resistance [1].

Short-term forecasts highlight a range-bound outlook. Analysts predict that a confirmed close above $3.63, accompanied by rising OBV and renewed RSI strength, would validate the bullish case. Conversely, a drop below $3.35 could trigger support at $3.20 and $3.04 (EMA50/EMA100). A breakdown below $3.04 would signal a deeper correction and invalidate the pennant pattern [1].

Sentiment remains cautiously optimistic. Spot netflow data shows a $7.66 million positive inflow, and price action has held above prior demand zones. However, 30-minute RSI at 39.8 and flattening MACD indicate bearish divergence, while declining +DI and weakening ADX in the DMI suggest a temporary cooling phase. Chaikin Money Flow (CMF) at +0.08 underscores continued capital inflow despite the pause in momentum [1].

The broader technical landscape remains supportive of a bullish continuation unless key supports fail. XRP’s position above all major EMAs, coupled with elevated OBV and positive netflow, reinforces the potential for a sustained rally. Traders are advised to monitor the $3.62 resistance level for confirmation of the next upward move, while keeping an eye on $3.35 and $3.04 as critical support thresholds.

Source: [1] XRP (XRP) Price Prediction for July 24 https://coinedition.com/xrp-price-prediction-for-july-24-2025/