A notable market commentator believes $XRPprice action is still noise until it breaks above a critical decisive level.

For context, $XRPhas been on an impressive recovery streak, crossing the $2.4 threshold to reach $2.45 amid an 11% weekly gain.

Despite this bullish momentum, prominent analyst EGRAG Crypto argues that $XRP’s price movements remain inconclusive until it breaks through key levels. He highlighted the importance of the $2and $2.6 thresholds in determining the next phase of $XRP’s trajectory.

Level $XRPNeeds to Breach

The analyst’s accompanying chart shows $XRP’s consolidation within a symmetrical triangle pattern. Notably, the chart displays a narrowing range, with $XRP’s price oscillating between $2 and $2.6.

#$XRP– Noise Until we break any of my targets: https://t.co/uaKF1CusVw pic.twitter.com/fyD1ydVxig

— EGRAG CRYPTO (@egragcrypto) January 1, 2025

According to the market analyst, the $2.6 resistance zone mirrors the previous resistance levels of $0.60, $0.65, and $0.75 observed earlier in 2024—though now shifted $2 higher. Throughout 2024, $XRPoscillated below these levels and did not make a decisive move until it broke above them.

The analyst says breaking above $2.6 could similarly signal a breakout toward higher targets, while a confirmed drop below $2 could lead to bearish price action. As $XRPclosed 2024 above $2, it demonstrated resilience, but it still needs to conquer $2.6 for a decisive push up.

However, on the downside, he warns of risks if $XRPdrops below $2, leading to further declines. For now, the symmetrical triangle remains intact, with $XRPconsolidating and testing these boundaries.

$XRPNow in a Bullish Position

Further, adding strength to the bullish case, EGRAG highlightedfavorable indicators. Particularly, the Stochastic RSI is retesting with a bullish cross underway, signaling potential upward momentum.

In addition, on the 3D chart, the Relative Strength Index (RSI) has rebounded from the 65 level and aims to push toward the 70–74 region, which would confirm stronger buying pressure.

Meanwhile, in a separate report, another analyst, Dom, compared $XRP’s current price action and its performance during the 2017 bull run, calling attention to the ongoing consolidation pointed out by EGRAG.

$XRP2017 vs NOW ??

It's pretty remarkable how similar these structures look

-Both retested 20-40 day EMA band as support
-Both had around a 30 day consolidation before putting in another leg up

Will it be this easy? https://t.co/CEgfBkGvXF pic.twitter.com/xnmiwde5SF

— Dom (@traderview2) January 2, 2025

Dom noted that in this cycle and in the 2017 cycle, $XRPconsolidated around the 20–40 day Exponential Moving Average (EMA) after an initial rally. In 2017, this pattern led to a second leg up, eventually propelling $XRPto its all-time high of $3.31 in January 2018.

Similarly, with $XRPnow consolidating around the EMA bands after a rally and a pullback, Dom believes history could repeat. He says $XRP’s 30-day consolidation period could set the stage for another breakout, especially following its strong weekly performance.

Potential On-Chain Catalyst

Moreover, on-chain developments could also help in boosting $XRP’s price action. Polymarket, a blockchain-based prediction platform, now estimates a 70% likelihood of $XRPsecuring ETF approval in 2025.

There's a 70% chance $XRP(Ripple) gets an ETF approval this year. pic.twitter.com/yNXUWagHoi

— Polymarket (@Polymarket) January 2, 2025

Major firms, including Bitwise and WisdomTree, filed for $XRPETFslast year. Approval of these funds could bring substantial institutional capital into $XRP, amplifying its bullish momentum when a breakout from EGRAG’s symmetrical triangle occurs.