XRP (XRP) climbed approximately 6.50% in the last 24 hours, lifting its price to $2.20 on June 28. This rise comes amid positive news regarding Ripple’s legal situation with the U.S. Securities and Exchange Commission (SEC).

After a meteoric rise of 575% since November, XRP is currently consolidating. Analysts query whether the price can breach current levels and point to bullish technical setups and signals of major holder accumulation.

Symmetrical Triangle Pattern Indicates ~75% Rally Potential

XRP is trading within a textbook symmetrical triangle formation that started near the February $3.40 high. Converging trendlines characterise this structure, typically signifying a continuation of the preceding bullish trend.

As of June 28, XRP was attempting to break out above the triangle’s upper boundary and the nearby 50-day exponential moving average (50-day EMA) near $2.20.

A successful breakout above the key resistance zone (the apex) could trigger significant gains. The potential upside target is approximately $3.81, suggesting a near 75% rally from current levels. Breakout confirmation with volume could push XRP towards this level by July.

XRP Whale Accumulation Adds Fuel to Breakout Thesis

Bullish signs strengthened with the reversal of CryptoQuant’s 90-day moving average whale flows in early May. After a sustained period of distribution from January through April, large holders appear to be accumulating XRP.

This shift signals a growing belief among major holders in an upcoming significant price move. Historical precedent supports this interpretation. For instance, the last accumulation phase starting in August 2024 preceded a subsequent 420% rally.

Current inflows have even surpassed levels seen in 2024, indicating heightened confidence. A successful symmetrical triangle breakout combined with this ‘smart money’ accumulation could firmly establish new XRP highs, potentially well into 2025.

XRP Liquidation Heatmap Points to $2.34-$2.40 Resistance

Binance’s XRP/USDT liquidation heatmap identifies the $2.34-$2.40 zone as a significant short-term resistance area. Over $525 million in open liquidation positions cluster just below or within this band, making it a critical price point.

XRP recently tested the lower end of this resistance band and encountered selling pressure. However, a decisive move above $2.34 could trigger a cascade effect.

Success breaching the $2.34-$2.40 zone could force liquidation takes and create demand leading to short squeezes, potentially pushing towards higher levels. Breaking this dense resistance area is considered a key bullish catalyst.