XRP is showing strong bullish momentum after breaking out of a long-standing symmetrical triangle chart pattern, according to crypto on-chain analyst Ali Martinez, who published his analysis on July 21.
Martinez pointed to a clear technical breakout on XRP’s daily chart, suggesting the token is now targeting the $6 level as its next key resistance.
The chart accompanying his post, dated July 20, showed XRP surging past the upper boundary of the triangle, backed by rising volume and accelerating upward price action. Notably, the formation had been developing since late 2024, with XRP coiling between gradually narrowing support and resistance lines before decisively breaking out in mid-July.
Technical targets derived from Fibonacci extension levels place the 1.618 level near $5, with higher confluences around $6.12. XRP is currently trading just above the $3.60 mark and holding above previous resistance levels, now acting as support.
What’s behind the XRP rally?
The bullish breakout comes amid renewed optimism across the broader crypto market following the passage of the GENIUS Act, the United States’ first comprehensive crypto legislation signed into law by President Trump on July 18. Bitcoin, Ethereum, and other major assets have all posted significant gains over the past week, with XRP now catching up to lead altcoin momentum.
XRP’s 24-hour trading volume stood at $9.2 billion, according to CoinMarketCap, reinforcing growing investor participation in the rally. The asset’s market capitalization now sits at $216 billion, placing it among the top-performing cryptocurrencies this month.
If XRP maintains this trajectory and continues to hold above the breakout zone, it could reach the $4 to $5 range in the coming weeks, particularly if market sentiment remains supportive.
