Can XRP Rally to $28 as Analysts Predict a Massive Breakout?

2 mins mins

Key Insights:

XRP posted 384% yearly gains, topping WisdomTree’s July performance report
Technical charts signal potential price targets between $11 and $28
Korean exchange Upbit saw $1.09 billion XRP volume in 24 hours

XRP has surged 384% over the past year, outperforming major cryptocurrencies according to WisdomTree’s July report.

The asset currently trades near $3.20 after breaking out of multi-year consolidation patterns. Analysts note its strong position in both market capitalization and technical structure.

The latest monthly performance shows a 35% gain, while quarterly performance stands at 38%.

XRP holds a market capitalization of $190 billion, placing it third behind Bitcoin and Ethereum. Its volatility over the past year reached 67%, signaling active trading conditions.

Analysts Identify Breakout Patterns and Price Targets

Technical analyst Egrag Crypto identified an XRP breakout from a long-term triangle formation, suggesting a potential 777% rally toward $28.16.

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This projection follows historical cycles, with the next cycle peak expected around September 2025.

Ali Charts also observed a bullish flag breakout on the weekly chart with a target of $11.20.

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Current Fibonacci extension levels place key resistances at $5.75 and $11.20. The breakout structure shows strong upward momentum supported by long-term trendlines.

Analysts maintain that sustained volume and market sentiment could validate these targets.

Market Activity and Regional Trading Trends

Upbit, South Korea’s largest exchange, reported $1.09 billion in XRP trading volume over 24 hours, representing 40% of local crypto trades.

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XRP/KRW pairs accounted for nearly 19% of the platform’s total volume. This surge in activity reflects growing retail participation in the Korean market.

Derivatives data shows $9.26 billion in volume, with options volume increasing by 19.85% and options open interest up 12.61% to $376,990.

Binance’s top trader long/short ratio for XRP/USDT stands above 3.09, indicating a bullish bias among leading accounts.

Open interest in perpetual contracts is $8.29 billion despite a slight daily decline.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.