Is a breakout on the horizon for XRP? The cryptocurrency has shown significant strength after a strong rebound from its support level at $2.76. This resurgence, bolstered by rumors of an ETF filing and favorable market conditions, has pushed prices above $3.05, with bullish momentum intensifying. 8-year downtrend in the XRP/BTC pairing is nearing a potential breakout, adding fuel to the optimistic sentiment surrounding this cryptocurrency. A series of significant support and resistance levels have been crucial in this price action. Price action has been tightly compressed between $2.76 and $3.20 with bulls testing upper boundaries. This recent consolidation period could very well signal a larger price movement in either direction.