XRP moves closer to a major breakout area as its long-term chart forms a clear bullish pennant structure. The pattern stretches across several years, and traders track the tightening range. The price now hovers near $0.70, and the market watches for signs of stronger momentum.
Analysts highlight that XRP maintains support along a rising trend line, and the pattern continues to compress toward the apex. The chart we found on X, by trader AmonyX, shows the all-time high level above the current range, giving traders a wider perspective on the setup.
The chart outlines a multi-year pennant that began forming after XRP’s surge in 2017. The pattern shows lower highs and higher lows converging into a narrow zone. Market analysts track this structure as it often signals an upcoming continuation. XRP holds above its long-term support, and the price remains stable within the formation. Traders watch the $1.04 zone as a key breakout point.
The monthly chart highlights a breakout target aligned with the upper pennant boundary. XRP trades near $0.70, and the structure suggests growing pressure in the range. The formation resembles an earlier bullish pennant that preceded a major rally. The chart also features RSI strength remaining above 70, showing strong long-term demand. Traders continue to monitor volume levels as they tighten toward the apex.
A confirmed breakout could extend toward the projected pennant target near $60, based on the chart’s measured move. The analysis uses the previous impulse wave to outline potential upside. While this remains a technical projection, traders focus on the breakout signal rather than the exact target. The chart clearly marks the path from the breakout point to the extended target zone.
XRP edges closer to a major breakout point as its long-term pennant continues to tighten. The monthly chart shows strong support holding beneath the structure while the price compresses toward the apex. Traders now focus on the $1.04 region, which acts as a key level that could confirm the next decisive move. This multi-year setup keeps market attention fixed on whether momentum strengthens in the coming sessions.
According to BTC News, XRP recently attempted an upward recovery after briefly trading above $2.320, but the market lost strength, similar to the behavior seen in Bitcoin and Ethereum. The price then slipped back under $2.30 and later dipped below $2.25. Market data shows a clear move under the $2.20 zone, which placed renewed pressure on short-term sentiment. XRP then established a new low near $2.155 and began moving sideways while holding a bearish tone.
The chart also shows a slight bounce above the 23.6% Fibonacci retracement taken from the decline between the $2.525 swing high and the $2.155 low. Despite this small rise, XRP still trades beneath both $2.30 and the 100-hour Simple Moving Average. Any attempt to recover in the near term may encounter early resistance around $2.2550. A short-term trend line also sits at that level on the hourly XRP/USD chart, creating another barrier for buyers as they assess the next move.
XRP moves toward a critical breakout as its long-term pennant narrows and the price trades below key levels. Traders now track the $1.04 support and the $2.2550 resistance for confirmation of the next major move. Close monitoring of these zones may guide upcoming market decisions.
Read More: Could XRP Be Facing a Death Cross Soon?