With Institutional Bids Rising, XRP Climbs 8%, Eyes $3.40 Post-Triangle Breakout

XRP Breaks $2.84 Barrier, Eyes $3.40 on Strong Institutional Momentum

XRP has surged past the crucial $2.84 resistance level, fueled by solid institutional buying and a clear technical breakout. Traders and analysts are now setting their sights on $3.40 as the next significant milestone.

Key Developments:

• Price Jump: Over the span from July 13 at 06:00 to July 14 at 05:00, XRP gained 6.04%, rising from $2.77 to $2.93. The token moved within a $0.171 range, confidently breaking through the $2.84 threshold.
• Institutional Surge: At 03:00, trading volume spiked to 176 million tokens—more than double the typical hourly average—signaling significant institutional participation and lending strength to the breakout.
• Steady Close: Despite some profit-taking along the way, XRP closed above $2.91, consolidating in the final hour, which market watchers interpret as a healthy pause rather than weakness.
• Market Cap Rise: XRP’s market capitalization has now climbed to $163.98 billion, an increase of $30 billion in the past week, pushing it into the #3 spot among the largest cryptocurrencies globally.

Market Backdrop

XRP’s recent breakout follows a sustained period of trading within a descending triangle pattern, and the decisive upward move has reinforced bullish sentiment. Analysts credit renewed institutional flows to improving regulatory clarity and Ripple’s ongoing expansion into enterprise solutions.

More broadly, the crypto market continues to benefit from a favorable macro environment, with easing policy expectations and supportive capital markets contributing to positive sentiment.

Having cleared the $2.84 resistance zone, traders are now focusing on $3.40 as the next potential upside target.

Price Action Snapshot:

• Trading Range: $0.171
• Low → High: $2.77 → $2.934
• Breakout Moment: Occurred at 03:00, with 176 million in volume traded
• Support Levels: Early session support held at $2.77; late-session support clustered around $2.91–$2.92
• Resistance Levels: Intraday high reached $2.934, with $3.40 as the next projected barrier
• Final Hour Activity (04:05–05:04): XRP inched up from $2.927 to $2.930, a modest gain of 0.11%
• Final Hour Volume: Approximately 85 million, signaling continued market engagement

Technical Outlook:

• The move above $2.84 confirms a breakout from XRP’s descending triangle pattern, pointing to bullish momentum.
• Price stability above $2.91 in the closing hour highlights a tight consolidation range—a positive technical sign.
• The market structure remains constructive, with higher lows and robust trading volumes underpinning the rally.
• Institutional participation is clearly evident from the sharp volume-led surge and follow-through buying.
• Clearing resistance between $2.94 and $2.95 could pave the way for further gains toward $3.10 and potentially $3.40.

Traders’ Focus:

• Can XRP turn $2.934 into solid support and build momentum toward $3.10–$3.40?
• Will the $2.91 level hold as a key support zone, or could a break lower prompt a retest of $2.84?
• Sustained hourly volumes above 100 million would be a strong indicator of ongoing institutional interest and further upside potential.

Bottom Line:

XRP’s recent 6% advance isn’t driven by technicals alone—it’s backed by significant capital inflows. The sharp volume spike during the $2.84 breakout underscores the presence of large market players, while XRP’s composure into the session’s close reflects confidence and stability.

With eyes now fixed on $3.40, XRP continues to assert itself as a market leader, showing strength and resilience that set it apart from less dynamic assets.