XRP could breakout 15% to 2.65 USD if this pattern is confirmed.

XRP is currently showing clear signs of a strong breakout potential, forming a classic technical pattern: inverse head and shoulders on the 4-hour chart. This is a strong signal in technical analysis, often foreshadowing notable bullish trends.

The famous technical analyst Ali Martinez commented:

"XRP seems to be forming an inverse head and shoulders pattern, potentially setting the stage for a bullish breakout of 15% to $2.65."

At the time of writing, the price of XRP is trading at around $2.2, just slightly below the important resistance level of the neckline at $2.33.

The inverse head and shoulders pattern, one of the classic bullish patterns in technical analysis, is gradually becoming clearly defined on the price chart of XRP. The left shoulder appeared in mid-June, followed by the deepest head established at the end of the month, and currently, the right shoulder is in the process of completion.

A strong breakout through the neckline at $2.33, especially if accompanied by high trading volume, will confirm this pattern and open up opportunities for the next significant bullish phase. The short-term target of this breakout could reach $2.65, corresponding to a growth of approximately 15% from the current price.

The momentum indicators, including the RSI indicator, are showing bullish signs, further reinforcing the breakout outlook. Trading volume has also increased during the recent bullish trends, which is a positive signal for the continuation of the upward trend.

Fibonacci extension levels also indicate the next resistance zones for XRP at $2.47, $2.54, and the ultimate target of this pattern at $2.65. These levels will be significant challenges for the bulls if XRP continues to maintain its bullish momentum.

What is noteworthy is that in this context, XRP is supported not only by technical signals but also by positive news related to Ripple, the issuer of XRP. Recently, Ripple has applied for a national banking license in the United States, an important step towards legalizing and expanding operations. Additionally, speculation about the possibility of an XRP ETF being approved in the future further enhances investors' confidence in the potential of XRP.

If the bulls can push XRP above the $2.33 level with strong trading volume, this could mark the beginning of a new bullish cycle. However, if it cannot break above this level, XRP may face the possibility of a pullback to the support zone of $2.08–$2.12, a key support level to watch.

XRP is currently in a crucial phase, with many technical and fundamental factors supporting its potential breakout. A clear breakout through the neckline at $2.33 will open up significant opportunities for the next bullish phase of XRP, with a short-term target of $2.65. However, investors need to continue monitoring the technical situation and market-impacting factors to make informed decisions.

Lilly