XRP News Today: XRP Eyes $3.12 Breakout as Bulls Target $6 on Elliott Wave Rhythm

XRP is currently exhibiting a strong macro-level bullish structure, with traders and analysts closely monitoring the $3.12 level as a critical confirmation point for a potential market bottom. The token has been trading within a well-defined bullish pennant formation, and a daily close above $3.12 is necessary to validate that the recent low has been established and to confirm continuation of the broader uptrend [1]. If the price fails to close above this level, it could trigger further downside pressure, with $2.65 acting as the next key support target [2].

Analysts suggest that XRP is in a Wave 4 consolidation phase, following a sharp Wave 3 rally to $3.65. This consolidation reflects market uncertainty but is often seen as a necessary step before a strong Wave 5 up-move. The $3.07–$3.03 support zone is currently in play, and holding above this range would indicate that bullish momentum remains intact [1]. If XRP manages to stabilize above $3.07, it could set the stage for a potential surge toward $6, as anticipated by some bulls who see this as the next major target in the Elliott Wave pattern [1].

Market activity remains active, with XRP trading at $2.96 at the time of reporting, a 1.15% daily gain, and a market cap of $175.82 billion. Trading volume over the past 24 hours reached $6.92 billion, although it experienced a 14.26% decline from the previous day. XRP remains the third-largest cryptocurrency by market capitalization [2]. Meanwhile, futures activity is on the rise, with XRP futures open interest reaching $788 million as of July 24. This increase in futures activity is attributed to growing speculation around a potential Ripple ETF, with Polymarket showing an 86% probability of approval before the end of 2025 [2].

Social media and on-chain metrics are also showing increased bullish sentiment. A significant number of traders have moved to the long side, anticipating a possible $6 breakout. Ripple’s recent strategic reserve plans are being interpreted by bulls as a positive step toward institutional adoption and long-term stability for XRP. This has further fueled optimism and added to the narrative that XRP is entering a crucial phase in its price development [1].

While the technical and market fundamentals appear favorable, a sustained close above $3.12 remains essential to confirm the bullish thesis. Failure to hold this level could lead to renewed bearish pressure and a deeper correction before the next upward phase can begin [1]. The coming days will be crucial in determining whether XRP can solidify its position above key support and continue its bullish trajectory or if further consolidation is required before the next rally can take hold.

Source:

[1] DavidTheBuilder

[2] Ripple’s Strategic Reserve Plans Ignite XRP Bulls’ $6 Breakout Hopes as Social Buzz Explodes by Brian Njuguna