XRP on the verge of decisive bullish breakout if this level is confirmed

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XRP could be approaching a major technical breakout, with an analyst identifying the $1.13 resistance level as the key threshold for confirming a bullish move.

A successful break above this price point would complete a multi-week consolidation pattern and potentially open the door for a stronger upward trend.

In this line, XRP technical analysis, shared by market analyst Ali Martinez in an X post on July 20, highlights a symmetrical triangle formation on the cryptocurrency’s one-hour chart.

The pattern, which has been developing since late June, shows XRP forming a series of lower highs and higher lows, compressing price action toward a decisive breakout point.

At the time of the analysis, XRP was trading around the upper boundary of the triangle and the key horizontal resistance near $1.13.

According to the outlook, a sustained move above this level would confirm the bullish breakout and invalidate the recent consolidation range.

Notably, the cryptocurrency has tested the upper trendline multiple times throughout July but has so far failed to establish a clear breakout. 

Symmetrical triangles often precede strong price moves once the pattern is broken. For XRP, the converging resistance and support trendlines suggest a breakout could be near.

Now, a move above $1.13 would clear both the triangle resistance and a key horizontal barrier, strengthening the bullish outlook. 

Based on the chart, the next upside targets are around $1.17 to $1.21, with a potential extension toward $1.30 if buying momentum continues.

However, traders will likely seek confirmation through strong volume and a sustained close above $1.13. 

If XRP fails to break resistance, it could remain trapped within the triangle and continue trading sideways in the near term.

XRP price analysis 

The outlook is particularly notable considering the asset has been consolidating in a symmetrical triangle pattern featuring higher lows and descending resistance, with many market participants watching the $1.11 to $1.14 zone closely.

By press time, XRP was trading at $1.13, up about 3.3% over the past 24 hours. On the weekly timeframe, the asset had gained more than 5%.

XRP seven-day price chart. Source: Finbold

As things stand, a decisive daily close above the key $1.18 level, which marks the recent July high, could open the path toward the 50-day EMA and the $1.26 area. This potential breakout is drawing attention as open interest in XRP derivatives climbed to between $2.4 billion and $2.6 billion, rising by about $125 million over the past week.

Futures volume has substantially outpaced spot trading, adding leverage that could amplify any directional move.

On the downside, failure to clear the $1.14–$1.18 resistance zone could lead to a retracement toward the $1.08–$1.10 support area.

A break below that range might trigger the unwinding of recent long positions and test lower support levels near $1.05 or even $1.

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