XRP eyes breakout continuation as market cap retests $104 billion level

The ascending triangle breakout

XRP’s market cap chart, as shared by JD, uses a monthly timeframe dating back to 2018. It reveals a rising trendline of higher lows alongside a flat, horizontal resistance near $104 billion. This structure is characteristic of an ascending triangle, commonly watched by technical analysts for potential bullish breakouts.

In late 2024, XRP’s market cap surpassed the $104 billion resistance after an extended rally of more than 500%. The uptrend carried into early 2025, with the market cap approaching $180 billion. However, after this rapid increase, XRP experienced a significant pullback.

The correction, which began in July 2025, brought XRP’s market cap back to the prior breakout area. This region now serves as a support zone, creating the retest phase of the ascending triangle pattern. JD identified this juncture as the fourth stage in the classical breakout cycle, coming after resistance, higher lows, a breakout, and now the retest.

If XRP manages to hold this support, JD suggested a new leg higher could follow, pointing toward a breakout continuation.

At the key support, a textbook ascending triangle retest is underway. If the retest holds, technical analysis indicates another strong upward move could be next.

Mini dictionary: Ascending triangle, a bullish chart pattern defined by a rising trendline of higher lows and a flat top resistance; a breakout above resistance often signals strong upward momentum.

The bullish engulfing signal

At the current support zone, XRP has formed a bullish engulfing candle on the monthly chart. This occurs when a green candle entirely overtakes the previous red candle, indicating that buying momentum is overcoming recent selling pressure.

According to JD, the confluence of the bullish engulfing pattern with the retest of trendline support could strengthen the technical outlook for a renewed price move. Analysts often watch the monthly close to confirm if bullish momentum can be sustained at these levels.

A bullish engulfing pattern at support could signal a strong shift in sentiment, especially when coupled with broader breakout structures.

Mini dictionary: Bullish engulfing candle, a two-candle reversal pattern where a large green candlestick fully covers the body of a preceding red candle, suggesting buyers are taking control.

Analyst’s track record and outlook

JD is recognized in the crypto community for previous accurate calls on XRP’s price movements. Earlier, he identified $3.37 as a potential top before XRP declined 73% to $1.01. He also pointed to $1.25 as a strong support area during the downturn, and later suggested a bottom may have formed after XRP recorded a higher high.

He previously tracked multi-year pattern breakouts, including a symmetrical triangle and falling wedge, noting these patterns often precede major directional moves for the asset. JD anticipates that holding the current support could set the stage for a move toward XRP’s all-time high of $3.65.

XRP, established by Ripple Labs, is a digital asset intended for fast, low-cost cross-border transactions, and its market performance is closely monitored by traders and institutional participants.