After nearly eight months of tight range trading, XRP may finally be preparing for a major breakout. At $2.28, it has hovered between $2.15 and $2.30 for over a week. Analysts have pointed to a narrowing in Bollinger Bands, a signal often followed by a sharp price movement.
On July 7, crypto chart analyst CRYPTOWZRD noted that XRP has now been consolidating for 32 weeks. This kind of prolonged pause typically ends with a major move. “One more bullish weekly candle” could be the spark, he said, and technical indicators are signaling that the token is “gathering strength.”
Supporting the case is the tightening of Bollinger Bands to levels not seen in eight months. When bands reach this level of compression, price movement tends to follow. That’s now paired with a gradual uptick in trading volume and increasingly bullish sentiment among traders.
Crypto trader Steph Is Crypto drew comparisons between XRP’s current setup and its November 2024 chart pattern, when it jumped from $0.50 to $3.40 in a 600% rally. If a similar move happened from the current $2.28, the price could reach $16.
https://twitter.com/Steph_iscrypto/status/1941809348310937776?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener
A more restrained target came from Captain Faibik, another well-known figure in the crypto space, who suggested a short-term rise toward $4.60. That price level was last seen during XRP’s peak bull run, and breaking above it would mark a new all-time high.
The $2.40 resistance remains a key barrier. A close above it may open room for a move toward $2.75 or even $3.00. On the other end, XRP needs to hold $2.25 to avoid slipping into a bearish setup. These levels are being tracked closely by traders for confirmation of direction.
A major XRP transfer took place on July 5, when 779,321.94 tokens moved from Coinbase to a private wallet. The ledger recorded it under number 97,276,970 with a transaction fee of just 0.00002 XRP. Crypto commentator Redbeard described it on X as a “massive $XRP move,” while X Finance Bull said,
That’s not retail. Someone’s gearing up for something major.
This has led to further speculation that larger entities may be positioning themselves ahead of a move.
Ripple’s recent efforts are also boosting market confidence. Their U.S. banking license application, as reported by CNF, has been seen as a possible turning point. If granted, it could attract institutional interest and bolster its status beyond retail use.
Expectations around a possible XRP exchange-traded fund have increased since the resolution of Ripple’s legal dispute. Analysts believe that SEC approval is now more likely, and an ETF would bring significant institutional capital into XRP—similar to what was seen with Bitcoin earlier this year.
With Ripple pursuing banking status and ETF potential on the rise, multiple elements are aligning. All eyes are now on the $2.40 breakout point. If surpassed, the crypto could enter a new price zone, and some analysts say the chart is setting up for a multi-year high.
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