XRP is approaching a pivotal moment as technical indicators suggest a potential breakout, attracting increasing attention across crypto markets.

Triangle Breakout Signals Possible XRP Rally

Currently hovering near the $2.95 mark, XRP finds itself at the upper boundary of a descending triangle pattern visible on the 12-hour chart. This structure features a flat support level around $2.75 and a downward-sloping resistance line, starting from late July through early September. There’s growing anticipation that XRP could break through its ceiling, driving a renewed uptrend.

Renowned analyst Ali Martinez highlighted that if XRP successfully moves past this formation, the next resistance target would be $3.60. Nonetheless, in the short term, it may encounter intermediate hurdles at Fibonacci levels between $3.10 and $3.40. These allow for possible pullbacks, including a retest near $3.00 before potentially heading higher — a behavior consistent with historical moves.

Conversely, a failure to breach this critical resistance might pull the token back toward $2.75 or even lower. Specifically, dipping below $2.65 would undermine the bullish scenario altogether.

Uncertainty Remains on Daily Timeframes

Despite strong technical positioning, daily chart patterns remain inconclusive. Analyst CRYPTOWZRD noted that XRP’s recent daily candle failed to establish a clear direction, suggesting that a decisive breakout is not yet confirmed.

He observed that the token is slightly above its descending trendline, though trading volume offers little confirmation. A breakout above $3.13 — or possibly $3.05, if the structure stabilizes — may serve as valid entry points to confirm upward momentum. Until then, new positions remain on standby as lower intervals continue to show erratic momentum.

Derivatives Traders Gear Up as Open Interest Soars

Institutional and retail participation appears to be intensifying, as reflected in a sharp increase in Futures Open Interest, which now stands at $7.94 billion, according to Coinglass. This figure has quadrupled from earlier in the year, when open interest lingered under $2 billion. While this metric doesn’t indicate direction, it does highlight a rise in speculative positioning as the market anticipates price movement.

Open interest in XRP futures has reached historic highs, indicating growing market anticipation. Source: Coinglass

This spike aligns with broader expectations. Crypto trader Galaxy noted that XRP has spent more than 280 days trading within the $2.00–$3.00 range, gradually compressing into a tighter pattern. Such consolidation often precedes significant breakouts, and combined with the uptick in open interest, the stage could be set for a major shift in XRP’s trajectory.

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As traders closely monitor how the price behaves at the top of this structure, the coming sessions may determine whether XRP finally ends its months-long flat phase — or falls back into consolidation.