XRP is currently in breakout mode, having successfully established support above the $2.30 level.
Amid this renewed momentum, a cryptocurrency trading analyst believes the bullish momentum is likely to continue.
At the time of writing, XRP was trading at $2.38, representing a 4.1% increase over the last 24 hours. On the weekly timeframe, the token has gained more than 7%.
According to an analysis by Ali Martinez, XRP may find further upside above the $2.50 level, as the asset has broken out of an inverse head-and-shoulders pattern on the four-hour chart, he said in an X post on July 9.
The pattern, which had been forming since mid-June, culminated in a breakout above the $2.30 neckline. This move sets the stage for a potential rally toward $2.60, based on Fibonacci extension levels.
However, the path towards this level is not smooth, as XRP may face interim resistance at $2.40, $2.45, and $2.52, but sustained buying pressure could push it higher. Currently, holding above $2.30 could signal a broader trend reversal and attract additional bullish interest.
XRP fundamentals
Meanwhile, although XRP is moving in line with the broader cryptocurrency market, it’s also benefiting from Ripple-specific developments.
Notably, the recent price rally coincides with Ripple CEO Brad Garlinghouse testifying before the U.S. Senate on July 9. During his appearance, he urged lawmakers to create clear regulations for digital assets that both support innovation and protect consumers.
Garlinghouse highlighted XRP’s use for fast, low-cost global payments and emphasized Ripple’s compliance in more than 60 jurisdictions.
His testimony comes alongside a string of other milestones, including Ripple’s potential to finalize its legal case with the Securities and Exchange Commission (SEC), a recent application for a Federal Reserve banking charter, and growing optimism surrounding a potential spot XRP exchange-traded fund (ETF).
These developments have energized the XRP community, with many viewing this moment as a turning point in the token’s journey toward mainstream adoption.
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