XRP (XRP) is hovering above a key support at $2.34, and traders are betting on a breakout toward $2.65 in the coming weeks.

A move higher would mark the upper bound of a consolidation range that’s held since December 2024, a range that’s seen steady accumulation even as retail interest waned.

Arthur Azizov, founder of B2 Ventures, said the token is “likely to move towards a new local high around $2.65” if it continues to hold above current levels.

“Since XRP has been in accumulation for quite a long time, the outlook remains positive,” he said in a Thursday note to CoinDesk, noting that a clean breakout from the range could push the token toward the $4–$6 zone.

That view is echoed by other technical analysts, who flag multiple bullish formations — including a symmetrical triangle and bull flag — supporting the case for a $2.60–$2.65 retest. If broken, those levels could act as a springboard for a move toward multi-year highs.

Sentiment has been bolstered by growing open interest in XRP derivatives, tightening volatility bands, and apparent whale accumulation.

Meanwhile, Ripple’s stablecoin RLUSD crossed a $500 million market cap on Wednesday, less than eight months after launch.

The dollar-backed token now ranks among the top 20 stablecoins globally, backed by custody from BNY Mellon and integrated across platforms like Transak and OpenPayd.

Read more: Ripple Taps BNY to Custody Stablecoin Reserves as RLUSD Surpasses $500M

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