XRP has shown a short-term bullish trend after breaking above the top of a symmetrical triangle pattern that had pressed prices down for weeks.

On July 21 (local time), blockchain outlet The Crypto Basic reported that XRP broke upward out of a multiweek consolidation zone, supported by gains over the past few days.

XRP posted a higher daily close for four straight sessions. With bitcoin rebounding and underpinning broader market momentum, buying continued and pushed XRP above its previous resistance line. It then maintained its upward move, confirming a breakout signal.

The symmetrical triangle pattern began on June 15 after XRP formed a lower high at $1.29. Highs then fell and lows rose, gradually narrowing the trading range. After the last lower high formed at $1.12 on July 15, volatility fell further and $1.13 emerged as the key breakout point.

Even after the breakout from the triangle consolidation, the price may not move immediately in a straight line upward. The analysis said XRP could trade sideways briefly after the breakout, or pull back to retest the previous resistance line.

The key is whether XRP holds above the breakout level. If it turns the area around $1.13 into support, it becomes more likely to test upper resistance levels in sequence.

The short-term resistance level is $1.18. This was the area where the early-July upswing stalled, and breaking above it could be interpreted as a sign that buyers have taken the lead. The next target is $1.29, where the symmetrical triangle pattern began. That would require about a further 14 percent rise from the current price.

Seasonal patterns in July were also cited as a reference indicator. According to the original report, XRP rose an average of 14 percent during July in each of the three most recent years when U.S. midterm elections were held. In July 2014, XRP also ended the month trading 34 percent higher than at the start. The analysis said a combination of the recent triangle breakout and seasonal trends could raise the likelihood of a retest of higher levels.

On the supply-demand side, exchange outflows stood out. Over the past seven days, market participants withdrew a net $32 million worth of XRP from exchanges. That could be interpreted as accumulation aimed at holding rather than short-term selling.

Key points to watch are whether XRP can defend the breakout area around $1.13 and then clear resistance at $1.18 and $1.29 in sequence. The report said the main focus of this XRP move is that a shift in price structure and signs of accumulation buying were confirmed at the same time.