XRP Price Prediction: Consolidation Persists as Bulls Eye Break

Analysts Monitor XRP for $2.70 Breakout Attempt

Analyst Points to Imminent Breakout in XRP Price Prediction 

XRP is gaining new strength following a series of sideways movements. The fact that the token made a humble increase of approximately one percent each day and the level of open interest remains firm, shows risk aversion among traders, and market participants are keenly on the resistance points of the 2.70 of the token in making a breakout in the coming days.

Sideways Momentum Suggests Imminent Breakout

Ali, a well-known analyst on X, shared a technical analysis of XRP/USD, suggesting potential price movement within a descending parallel channel. According to his chart, is currently trading around $2.42 after facing resistance near the upper boundary of the channel.

Source: X Ali

The projected path shows a possible decline toward the lower channel support around $2.00, where Ali expects the soin might find significant support. The pattern highlights a clear bearish channel structure, with lower highs and lower lows dominating recent price action. 

Open Interest and Market Sentiment Cool After Rally

Meanwhile, XRP/USD is trading at approximately $2.46 with a slight downward trend of 0.77% per hour after failing the $2.55 levels. 

The 1-hour chart shows short-bodied candles with long wicks, an indicator of the increased indecisiveness among traders after a sharp rise in the week that preceded it, which started in the $2.10-$2.20 range.

Source: Open Interest Data 

Aggregated open interest has been steady at $1.34B after jumping to an approximate of $1.45B and this indicates less leveraged activity as traders make profits. 

In the past, these open interest cooldowns were followed by either a period of consolidation or a small correction. 

Neutral Bias With Upside Potential

The current technical outlook of XRP indicates a neutral-bullish tendency since momentum is slowly recovering. The volatility is being squeezed, and the RSI is climbing back up; therefore, the traders are keeping a close eye on it in order to confirm a breakout above the $2.70 mark. 

Source: TradingView 

Nevertheless, in case resistance keeps the upward movements in check, may prolong the consolidation between $2.20 and $2.60, keeping the balanced formation before the next directional action.