XRP jumps 4% as traders watch 'triangle breakout' toward $1.35

Summary

XRP experienced a notable price increase, climbing about 4.6% to trade near $1.13. This level is seen as a key short-term threshold by traders, who suggest that holding above $1.13 could trigger a breakout toward $1.35. The token's price movement over the past 24 hours included a range from $1.08 to $1.14, with a market capitalization near $70.85 billion and a 24-hour trading volume around $1.27 billion, according to CoinGecko data.

Technically, XRP's hourly chart shows the price compressing within a symmetrical triangle and now attempting a breakout above this pattern. Analyst Ali Martinez pointed out that the monthly chart is displaying a TD Sequential buy signal, which, combined with the current price consolidation, could support a potential rally of approximately 20% to $1.35 if the breakout holds. However, the daily chart is more cautious, as XRP remains inside a larger descending channel that has restricted upward rallies for months, with resistance levels between $1.24 and $1.28 aligned with this channel's upper boundary and major moving averages.

Why it matters

Support levels are currently solid around $1.02 to $1.06, where buyers have consistently entered recently. A breakdown below this zone could expose lower price areas between $0.88 and $0.92. Traders are closely watching the $1.13 breakout point, as sustaining prices above this level would bolster the short-term bullish outlook. However, until XRP clears the higher resistance band near $1.24 to $1.28, the broader daily trend remains confined within the descending channel, suggesting that the recent gains may represent a short-term breakout attempt rather than a confirmed reversal of the broader downtrend.