After XRP moved sideways for more than two months, speculation has emerged that it could be nearing an upward breakout.

Blockchain outlet The Crypto Basic reported on Oct. 28 that trader MichaelXBT analyzed XRP as having entered a notable zone again after a prolonged correction.

In a post on X, formerly known as Twitter, MichaelXBT said XRP has remained rangebound after surging 70 percent in August. He said it underwent a lengthy correction even after rebounding from a drop to $0.98. He said the next major breakout could be imminent. He did not present a specific price target or timing.

He previously said in July that he was accumulating XRP and that people would soon learn why. He later referred to that post again and reiterated his bullish outlook. XRP, which was trading around $1.05 at the time, fell to $0.97 in mid-August. It then jumped 72 percent in four days to reach $1.70.

The market is discussing signs of a short-term rebound and a medium-term bearish trend at the same time. XRP traded at $1.32 on the day, up 2.25 percent over 24 hours. It is down 11 percent over the past month. That indicates it has shown a short-term rebound but has not recovered all recent losses.

Other traders are split. Ali Martinez said on the previous day that a buy signal appeared for XRP. He said the TD Sequential indicator has previously flashed signals ahead of XRP rises, and he viewed whether $1.25 holds as support as important this time. If XRP stays above that price, it could recover to $1.40, he said. If it is pushed below $1.25, it could fall to $0.98 as it coincides with selling by large holders, he forecast.

ChartNerd, by contrast, raised the possibility of XRP falling below $1, citing bearish signals. He pointed to a death cross forming as the 20-day exponential moving average moved below the 50-day exponential moving average. He said similar signals appeared in May and August, and were followed by declines of about 30 percent before XRP slid from $1.40 to below $1 at those times.

XRP's near-term direction appears to hinge on defending technical support and regaining moving averages. It has continued attempts to rebound around $1.30, but if the bearish trend persists, the possibility remains of another test of the $1 level. If it holds key support and rises above moving averages, more weight could return to the next price breakout that Michael XBT mentioned.

It’s time to pay attention to XRP again. XRP has been consolidating for over 2 months since the initial 70% rally I called at the $1 bottom. The next major break-out is due very soon…