XRP News Today: XRP's Fakeout Below $1.10 Fails to Dampen Bullish Outlook as Analysts Eye $3.65 Breakout

XRP experienced a sharp and misleading price movement last week, initially appearing poised for a breakout above its previous all-time high before abruptly retreating, leaving traders uncertain about the long-term direction [2]. The movement, often referred to as a "fakeout," occurred when the asset surged toward $1.10, triggering stop-loss orders and brief optimism. However, the price quickly reversed, testing key support levels and sparking speculation about whether the move was a bearish reversal or a strategic consolidation phase [2].

Renowned market analyst Lingrid noted that XRP staged a classic fake break below a falling wedge pattern before reclaiming key trendline support. According to Lingrid, the price structure formed a clean bullish reversal with a confirmed breakout and a higher low, indicating a potential continuation of the upward trend [2]. The analyst also highlighted that a sustained move above $3.10 could reignite bullish momentum toward the $3.55–$3.65 range, with XRP regaining strong control in the bullish direction.

CryptooMagnet echoed a similar sentiment, identifying the formation of a bullish ascending triangle and suggesting that a confirmed breakout could push XRP past $4.00 [2]. The analyst emphasized that strong support levels and rising momentum indicated that the asset might be setting up for a significant price surge.

At the time of reporting, XRP was trading around $2.94 [2]. The recent pullback has not dented the overall bullish outlook, as technical indicators continue to favor a continuation of the upward trend, especially if institutional buying remains robust.

Ripple CTO David Schwartz provided insight into the lack of substantial on-chain XRP volume from bank partnerships, stating that many institutions have historically preferred off-chain settlements for compliance reasons rather than system capacity constraints [2]. This clarification may help investors better understand the current market dynamics and expectations around institutional adoption.

While the short-term volatility has introduced some uncertainty, the broader narrative around XRP remains positive. Ongoing regulatory developments and growing institutional interest position the asset to benefit from the broader crypto market's upward momentum [2]. Analysts suggest that the recent correction may represent a consolidation phase rather than a bearish reversal, with a potential breakout still on the horizon.

The broader market has also seen increased cross-chain activity, particularly with the recent airdrop tied to the Midnight Network, which spanned multiple blockchains including XRP. While this event did not directly impact XRP’s price movement, it reflected the growing interconnectivity of blockchain ecosystems [1].

[1] ZyCrypto – Cardano Ignites: Hoskinson Teases Midnight Network Milestone as Bulls Target Mega Surge (https://zycrypto.com/cardano-ignites-hoskinson-teases-midnight-network-milestone-as-bulls-target-mega-surge/)

[2] ZyCrypto – The XRP Fakeout That Fooled Everyone: Bulls Could Be Locked and Loaded for All-Time High Explosion (https://zycrypto.com/the-xrp-fakeout-that-fooled-everyone-bulls-could-be-locked-and-loaded-for-all-time-high-explosion/)