XRP Breaks Past $2.84, Targets $3.40 as Institutional Buying Gains Momentum
XRP has smashed through the crucial $2.84 resistance level, fueled by significant institutional interest and a well-defined technical breakout. Market watchers now have their eyes set on $3.40 as the next key target for the cryptocurrency.
Key Points:
- Price Surge: Between July 13 at 06:00 and July 14 at 05:00, XRP climbed 6.04%, moving from $2.77 to $2.93. The rally took place within a $0.171 range and clearly pushed the price above the critical $2.84 resistance zone.
- Institutional Inflows: At 03:00, XRP trading volume soared to 176 million tokens—more than double the average hourly level—indicating strong institutional buying driving the breakout.
- Firm Close: Despite some profit-taking, XRP held above $2.91 into the session close. Tight price action in the last hour signals consolidation and market strength rather than weakness.
- Market Cap Growth: XRP’s market cap has now swelled to $163.98 billion, up by $30 billion over the past week, placing it firmly in the #3 spot among the world’s largest cryptocurrencies.
Market Context
This powerful move comes on the heels of XRP breaking out of a descending triangle formation—a technical pattern often seen before strong upward price moves. Analysts attribute the surge not just to technicals but to increasing institutional flows, driven by improving regulatory signals and Ripple’s expanding enterprise footprint.
Across the broader crypto market, sentiment remains positive as traders look past macro uncertainties. Easing monetary policy expectations and solid capital market conditions are adding further support to risk assets like XRP.
Having decisively cleared $2.84, traders are now eyeing $3.40 as the next significant level of resistance.
Price Action Overview:
- Range: $0.171
- Low → High: $2.77 → $2.934
- Breakout Timing: 03:00, marked by 176 million in trading volume
- Support Zones: Early support at $2.77; late-session support established between $2.91 and $2.92
- Resistance Levels: Intraday high at $2.934; next significant target at $3.40
- Final Hour Activity (04:05–05:04): XRP edged slightly higher from $2.927 to $2.930 (+0.11%)
- Final Hour Volume: Approximately 85 million tokens traded, confirming sustained market engagement
Technical Outlook:
- XRP’s breakout above $2.84 confirms the resolution of a descending triangle pattern, signaling bullish momentum.
- Price stability above $2.91 in the final trading hour reflects solid consolidation and a healthy market structure.
- The token’s trend remains constructive, with higher lows and strong volumes suggesting further upside potential.
- Institutional buying is evident in the volume spikes and follow-through action seen post-breakout.
- A clean break through $2.94–$2.95 could pave the way for a push toward $3.10 and ultimately $3.40.
What Traders Are Watching:
- Whether XRP can flip $2.934 into firm support, setting up a sustained move toward $3.10–$3.40.
- How XRP reacts around $2.91 support—any break below could trigger a retest of the $2.84 region.
- Trading volumes remain crucial: hourly activity above 100 million would indicate continued institutional backing and potential further gains.
Conclusion:
XRP’s recent 6% rally isn’t simply a technical maneuver—it’s backed by significant capital inflows. The surge in volume during the $2.84 breakout suggests substantial institutional participation, while the token’s stable close points to growing confidence among traders.
With $3.40 in the market’s sights, XRP is positioning itself as a standout leader in the current crypto landscape, displaying strength and resilience while other assets lag behind.
