TLDRXRP surged 6.04% to $2.93, breaking through key resistance at $2.84Trading volume doubled to 176M during the breakout, confirming institutional buyingMarket cap increased by $30B, securing XRP’s position as the #3 cryptocurrencyTechnical analysis shows a breakout from a multi-year symmetrical triangle patternPrice targets of $3.40 short-term and potentially $16.17 long-term are being discussedXRP jumped from $2.77 to $2.93 between July 13 and July 14, marking a 6.04% gain. The cryptocurrency broke through the critical $2.84 resistance level that had been holding prices back.Trading volume tells the real story here. At 3:00 AM, volume spiked to 176 million XRP traded in a single hour. This was double the normal hourly average and confirms major buyers were entering the market.The price held above $2.91 throughout the final trading hour despite some profit-taking. This shows buyers were willing to defend the new price levels.XRP’s market cap now stands at $163.98 billion after adding $30 billion in value over the past week. The gains pushed XRP into the third spot among all cryptocurrencies by market value.XRP Price on CoinGeckoTechnical Breakout SignalsThe rally represents a breakout from a descending triangle pattern that had contained prices for multiple sessions. Crypto analyst Ali Martinez pointed to an even larger pattern dating back to 2018.This long-term symmetrical triangle breakout could theoretically target $16.17 according to traditional charting methods. While that target seems extremely optimistic, it shows the potential magnitude of the current move.When you zoom out on $XRP, it's hard not to go all in. A weekly close above $3 could set the stage for a rally to $6 or even higher! pic.twitter.com/h8fROcAC7t— Ali (@ali_charts) July 12, 2025More conservative analysts are eyeing $3.40 as the next major resistance level. The immediate challenge is converting the $2.934 intraday high into support.The Commodity Channel Index reads +0.05, indicating positive capital flows into XRP. The MACD indicator also climbed higher, confirming bullish momentum across multiple technical metrics.Institutional Interest Drives VolumeThe volume spike at the breakout point suggests institutional-sized buyers were accumulating positions. Hourly volume remained elevated at around 85 million XRP even during the final consolidation period.This sustained interest differs from retail-driven pumps that often fade quickly. The measured price action and consistent volume indicate professional traders are positioning for further gains.Market participants cite improving regulatory signals and Ripple’s expanding enterprise partnerships as reasons for renewed institutional interest. The broader crypto market remains supported by expectations of more favorable policy environments.A concerning development emerged with reports of $70 million worth of XRP moving to Coinbase. Large transfers to exchanges often precede selling pressure as holders prepare to take profits.Despite this potential headwind, the price action remained constructive. XRP closed the period at $2.93, maintaining gains despite the large exchange deposit.If XRP can flip the $2.94-$2.95 zone into support, traders expect moves toward $3.10 and eventually $3.40. A breakdown below $2.91 would likely trigger a retest of the $2.84 breakout level.The weekly chart shows XRP breaking above a range that had contained prices since March 2025. The move past $2.65 confirmed a bullish structure break on longer timeframes.Bitcoin dominance dropping from 65.9% to 64.46% over two weeks suggests money rotating into altcoins. This environment typically benefits large-cap tokens like XRP that attract institutional flows.XRP continues trading like a market leader rather than a laggard. The combination of technical breakouts, strong volume, and institutional accumulation points to potential further gains as long as key support levels hold.The post XRP (XRP) Price: Token Breaks $2.84 Resistance Level With 176M Volume Spike appeared first on Blockonomi.