XRP Eyes Breakout as Analyst Eyes Key Confirmation at $1.38

XRP traders are eagerly awaiting a potential breakout from its current trading range. According to Bitget analyst Martinez, the key confirmation for this move comes at $1.38. As long as XRP holds onto the $1.31-$1.35 support zone, buyers have repeatedly stepped in to prop up the price.

The structure on the chart is a descending triangle, with its upper resistance line declining steadily since late August after XRP's breakout to $1.68. Each rally attempt has stalled at a lower level than the previous, forcing a resolution at the apex of the triangle. Price is currently near this point, where it will either move above the falling trendline or lose the support zone below.

Martinez has marked Fibonacci retracement levels on the chart, with key reference points for potential resistance at $1.3998 (0.236), $1.4492 (0.382), $1.4900 (0.5), $1.5308 (0.618), and $1.5868 (0.786). The current price on the chart reads $1.3432.

A decisive break above $1.38 resistance 'could trigger the bullish breakout and open the door to $1.60', according to Martinez. This target aligns with the 0.786 Fibonacci level at $1.5868, as well as the psychological round number above it. The gray projected path drawn on the chart shows price moving up through the Fibonacci levels in sequence following a breakout from the descending triangle.