Since mid-July, Ripple Labs-backed XRP has stayed between 52 and 60 cents. Despite its large-cap status, with a fully diluted valuation of $58.6 billion and an average daily trading volume of $1.5 billion, a macro-falling logarithmic resistance has held XRP back. Even after Ripple concluded its lawsuit with the SEC and paid a $125 million fine, XRP has failed to break through the key 66-cent resistance level.

XRP Fails to Respond to Broader Crypto Bullish Trends

Although the Federal Reserve’s rate cut spurred a bullish trend across the cryptocurrency market, pushing Bitcoin above $63,000 and Ethereum above $2,550, XRP has not capitalized on this momentum. The altcoin has struggled to gain any substantial upward movement despite favorable market conditions.

Ripple’s advances in XRP Ledger (XRPL) development, including smart contracts and Web3 integration, have attracted institutional investors and whales. On-chain data from Santiment shows whales bought over 380 million XRP tokens, worth over $228 million, in the past ten days.

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Additionally, Grayscale Investments opened its newly launched Grayscale XRP Trust to accredited investors. The trust currently holds around $689,000 in assets under management, indicating growing institutional interest in the token.

XRP Poised for a Bullish Breakout

Popular XRP analyst, Egrag Crypto, predicts a bullish breakout in the near term. The altcoin has been preparing for an upward move in the fourth Elliott wave, with its price holding at the crucial 1.618 Fibonacci extension on the monthly chart. 

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Furthermore, the XRP/BTC pair is testing multi-year lows, positioning XRP for further gains against the US dollar.

As the U.S. dollar index weakens, the broader cryptocurrency market, including XRP, stands to benefit from the ongoing bullish macro environment.