XRP Breaks Above $1.42, But Analyst Warns of Confirmation Needed

XRP has reached a critical price area after breaking above $1.42, according to Crypto Analyst Steph Is Crypto.

The analyst says that XRP still needs confirmation before traders can consider the breakout fully established and warns that the current price action does not yet provide enough confirmation for him to treat the breakout as complete.

XRP currently tests the neckline of a large cup-and-handle formation, with the neckline around $1.53, and the analyst suggests closing above about $1.56 for stronger confirmation.

The analyst also discussed XRP Ledger's activity, citing an increase of more than 84% in XRP's burn rate and described it as bullish.