XRP News Today: XRP near breakout as support holds and volume surges

XRP is showing strong signs of a potential breakout following a technical rebound from key support at $2.76 and a sustained move above $3.05. The token has been consolidating within a tight $2.76–$3.20 range since mid-July, with multiple bounces at the lower end and repeated rejections near the upper boundary. This compression, combined with rising volume and a narrowing average true range (ATR), indicates mounting pressure for a directional move. A daily close above $3.20 would confirm an upside breakout, while a move below $2.76 would signal further downside [1].

The XRP/BTC pair is also nearing a critical inflection point. Since 2017, the pair has traded within a symmetrical triangle pattern, with current price action approaching the upper trendline at around 0.00002640 BTC. A breakout from this 8-year downtrend could signal a shift in XRP’s dominance relative to Bitcoin and often precedes a rally in USD terms. The pair’s recent volume has topped $3.5B on peak sessions, reinforcing the likelihood of a significant move [1].

Market-wide conditions have also improved in favor of XRP. The broader cryptocurrency market cap rebounded from under $165 billion to above $180 billion on August 23, creating a more favorable liquidity environment. XRP’s recent surge coincided with increased buying interest and higher-than-usual trading volumes, aligning with the broader market recovery [1].

Rumors surrounding potential XRP-based ETFs and institutional partnerships, including reports of discussions with Japan’s SBI Holdings, have further fueled bullish sentiment. Additionally, the ongoing Ripple-SEC legal case appears to be nearing resolution, removing a major overhang for the asset. These factors, while not directly cited from official filings, are being interpreted as catalysts for renewed institutional and retail interest [1].

Analysts suggest traders should approach the potential breakout with caution, using scaled entries and placing stop-loss orders below $2.76 to manage risk. Confirmation of a breakout should be based on a daily close above $3.20 accompanied by expanding volume. Until that point, the focus should remain on the $2.76 support and $3.20 resistance levels for validation of either a bullish or bearish move [1].

The technical setup for XRP is currently among the most compelling in the large-cap cryptocurrency space. With a confluence of range compression, volume surges, and potential catalysts on the horizon, the asset appears to be positioning itself for a decisive move. Traders and investors are advised to closely monitor price action and volume developments as the market approaches key thresholds.

Source: [1] XRP May Be Poised for Breakout After Reclaiming Momentum as ETF Rumors and XRP/BTC Setup Intensify (https://en.coinotag.com/xrp-may-be-poised-for-breakout-after-reclaiming-momentum-as-etf-rumors-and-xrp-btc-setup-intensify/)