- XRP broke out of a 7-year pattern and now trades above 2021 highs.
- Analysts see steady accumulation and strong support forming between $2.00 and $3.00.
- Regulatory clarity and potential ETF approval could drive XRP toward higher targets.
Ripple’s XRP is flashing strength again, and traders are paying attention. After seven long years of compression, the asset finally broke free from a massive symmetrical triangle. Since then, XRP has held firm above the 2021 highs, building a strong base for the next leg up. With regulatory clarity improving and bullish sentiment rising, XRP seems poised for a decisive move that could reshape the market’s expectations.
Breakout From a Long-Term Pattern
XRP trades at $2.51 , showing a mild 24-hour gain after a major breakout. The move shattered a long-term pattern that had contained the asset for years. This breakout carried XRP past key resistance levels, including the all-time high candle closes and the 2021 peaks. Since then, the market has maintained a steady rhythm between $2.00 and $3.00. Market analyst ChartNerd highlighted that this zone now serves as an accumulation range. Former resistance has transformed into a new foundation for upward momentum.
For nearly a year, this structure has stayed firm, showing no visible weakness. Analysts have also noted similarities between the current structure and XRP’s setup in 2017. Back then, consolidation gave way to a powerful rally that pushed prices far higher. Many believe this cycle could play out in a similar fashion, with projections targeting $5 or beyond. Fibonacci-based models extend those targets further, highlighting potential zones at $8, $13, and $27. These projections stem from the triangle’s previous height and historic price behavior.
Short-Term Fluctuations and Market Sentiment
While the long-term trend looks promising, the short-term outlook appears mixed. Analyst CRYPTOWZRD observed a slightly weaker daily close, warning that the next monthly close may determine the near-term direction. A drop below current levels could extend the sideways movement before any major push higher. Key resistance remains at $2.75, which could trigger strong momentum if broken.
On the downside, traders are watching $2.27 as a critical support level. Technical signals, including the TD Sequential indicator, have shown a potential short-term sell signal. However, similar signals in past cycles often preceded larger rallies once the market cooled off. Large holders have trimmed some positions, but the broader market tone remains optimistic.
Analysts point out that XRP’s ability to hold above previous highs reflects strong demand from both retail and institutional participants. Adding fuel to this sentiment, renewed excitement surrounds the potential launch of a spot XRP exchange-traded fund. Canary Capital recently updated its filing with the U.S. Securities and Exchange Commission. The removal of a delay clause indicates that approval could arrive as soon as November 13.
