- XRP nears breakout zone after months in a tightening $2.00 to $2.40 range
- Whale accumulation and bullish divergence hint at XRP rally toward $3.64
- Rising Bitcoin dominance may delay XRP gains despite strong technical signals
Amid growing optimism in the crypto market, analysts and investors are closely watching XRP as the asset nears a potential breakout. According to Discover Crypto, an analytic firm analysis, over the past few months, XRP has traded in a tightening range between $2.00 and $2.40, leading analysts to predict a decisive move between July and September.
Several technical indicators, including a forming head-and-shoulders pattern and symmetrical triangle formation, signal a bullish breakout may be on the horizon. Moreover, on-chain activity, including XRP withdrawals from exchanges, suggests whale accumulation is underway.
XRP Mirrors Bitcoin’s Previous Bullish Patterns
Interestingly, XRP’s current movement appears to mirror Bitcoin’s pattern before its surge in late 2024. Despite bearish MACD indicators, XRP has held its support levels, a sign previously observed in Bitcoin before it climbed from $70K to $100K.
As XRP’s MACD begins to shift positive while price remains steady, traders view this divergence as a bullish indicator. If XRP can close above $2.40 and sustain it as support, analysts suggest a move toward $3.40 or even $3.64 could occur within months.
In addition, XRP’s historical price action supports the thesis that June often marks a bottom for altcoins. In five of the past six years, June either marked or closely preceded a reversal for altcoins. This recurring cycle has many speculating that XRP, along with other alts, could see significant price gains heading into Q3.
Bitcoin Dominance and Institutional Influence Loom Large
However, XRP’s potential rally may face resistance from Bitcoin’s rising dominance, which recently surpassed 65%. This dominance has drained momentum from altcoins like Ethereum and Cardano. Until Bitcoin completes its next leg upward possibly to the $115K–$120K range altcoin rallies could remain limited in scope.
Meanwhile, institutional interest continues to surge. BlackRock’s Bitcoin ETF saw over $430 million in inflows in one day, with Barclays reportedly acquiring $131 million in shares. Over 245 companies now hold Bitcoin on their balance sheets, signaling a broader shift toward crypto asset adoption.
