As the price of XRP experiences notable volatility around the $2.20 mark, technical indicators suggest that a move above this level could trigger a significant rally.
To this end, cryptocurrency trading expert Ali Martinez has identified the $2.38 mark as the key barrier preventing XRP from a major breakout, according to a July 4 post on X.
Martinez arrived at this target by analyzing XRP’s UTXO Realized Price Distribution (URPD) chart, which shows $2.38 as the highest concentration of previously transacted XRP, representing over 2.75 billion tokens, or 4.33% of the total supply.
The URPD metric, which tracks the price levels where tokens were last moved, indicates strong resistance at $2.38, as many holders may look to sell or break even at that point.
However, the analyst believes a decisive break above $2.38 could “trigger a major move” by clearing both psychological and technical resistance levels.
Such a breakout would invalidate significant overhead supply and potentially usher in renewed bullish momentum.
Martinez also noted strong support between $0.50 and $1.80, particularly below the $1 level. Still, the key challenge remains the $2.38 zone, which has remained untested since XRP’s all-time highs.
XRP price in consolidation
Meanwhile, analyst CrediBULL Crypto emphasized XRP’s potential for a breakout in a July 5 X post. He pointed out that XRP is entering its eighth consecutive month of consolidation above its previous all-time high monthly close, an important technical milestone.
This sustained price action above a former resistance-turned-support area signals growing strength and maturity.
The analyst added that the ongoing consolidation, following a sharp breakout, suggests XRP may be preparing for another strong upward move.
If confirmed, it could mark a new bullish impulse, further cementing XRP’s status as one of the most technically resilient digital assets.
XRP price analysis
At press time, XRP was trading at $2.22, down about 0.7% in the last 24 hours. On the weekly chart, the asset is up 1.44%.
Currently, XRP is slightly below its 50-day simple moving average (SMA) of $2.25, suggesting mild short-term weakness. However, it remains well above the 200-day SMA of $1.81, indicating a strong long-term uptrend.
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