XRP News Today: XRP Price Surges 7% as Bullish Pattern Emerges

XRP’s price movement has recently caught the attention of crypto analysts and traders due to the formation of a bullish pattern, which has led to projections of a potential 15% rally from current levels. The digital asset is currently holding steady above $2, a crucial level for short-term price direction. This stability, coupled with strong on-chain activity and technical indicators, suggests a continued upward momentum.

According to chart analyst Ali, XRP is forming an inverse head and shoulders (IH&S) pattern, a bullish reversal setup. This pattern has emerged after a notable downtrend, with the price now showing upward signs. The pattern features two shallow troughs on either side of a deeper dip, suggesting exhaustion among sellers. The neckline, a key resistance level around $2.32, has already been breached, indicating that buyers are gaining control. If the pattern plays out fully, XRP may rally toward the projected target of $2.65, roughly 15% higher than its current price.

The chart shows that XRP reached a low near $1.90, forming the head of the pattern. Since then, the asset has climbed steadily, breaching the neckline. A rise past the 0.786 Fibonacci retracement level further supports the bullish case, signaling growing momentum. Analysts often use Fibonacci levels to track potential price reversals or continuation zones. With XRP now above this threshold, confidence in upward price movement has grown. The neckline at $2.32 may now act as a support zone, a level traders are closely watching for signs of sustained strength.

Over the past week, XRP has gained nearly 7%, reinforcing bullish sentiment. The price has also remained above $2, a level seen as a psychological anchor. Adding to the momentum, attention is building around the upcoming U.S. Senate crypto hearing scheduled for July 9. Market participants are watching this event, as regulatory clarity may influence sentiment and trading activity. While the price outlook appears bullish, analysts caution that pullbacks may still occur. Consolidation around $2.32 could serve as a testing ground for continued movement. Holding above this support level would strengthen the case for a sustained rally. For now, the technical breakout, rising volume, and growing visibility place XRP in the spotlight. Traders will be monitoring short-term moves for confirmation of the projected $2.65 target.