XRP price forms multiple bullish patterns, will it reclaim $2?

XRP price continued consolidating near a key breakout zone this week after forming several bullish reversal patterns on the weekly chart, while improving regulatory sentiment and tightening exchange supply strengthened the bullish outlook.

According to data from crypto.news, XRP (XRP) price traded around $1.45 at press time on May 15 after briefly rallying toward the $1.50 region earlier in the week. The token has gradually recovered from its February lows near $1.20 as broader crypto market sentiment improved and traders positioned for potential regulatory clarity in the United States.

One of the biggest catalysts supporting XRP this week remains the legislative advancement of the Digital Asset Market Clarity Act, also known as the CLARITY Act.

On May 14, the U.S. Senate Banking Committee advanced the bipartisan bill in a 15–9 vote. If eventually passed into federal law, the legislation would formally classify XRP as a digital commodity, a move many investors believe could unlock larger institutional participation across the asset.

The market reaction has already started reflecting growing optimism surrounding the bill. XRP managed to reclaim the important $1.45 resistance level shortly after the vote, while traders now closely monitor the upcoming Senate floor vote ahead of the May 21 legislative deadline.

At the same time, on-chain metrics continue showing signs of aggressive accumulation among large holders. Whale wallets holding at least 10 million XRP have reportedly climbed to their highest level in roughly eight years and now control nearly 68.5% of the circulating supply.

Exchange balances have also continued falling sharply, with liquid XRP supply on centralized exchanges dropping toward a seven-year low near 1.7 billion tokens. Lower exchange reserves often reduce available sell-side liquidity and can amplify upside volatility when fresh demand enters the market.

On the weekly chart, XRP has now formed a large, rounded bottom pattern, also commonly referred to as a cup formation. The structure developed after several months of gradual accumulation following XRP’s sharp correction earlier this year.

The neckline resistance of the pattern sits near the $2 psychological level, which also aligns closely with the weekly Supertrend resistance visible on the chart.

Typically, a confirmed breakout above the neckline of a rounded bottom pattern signals a major bullish trend reversal and can lead to a sustained continuation rally. In XRP’s case, a decisive breakout above the $2 region could open the door for a larger move toward the $2.80–$3 area based on the depth of the formation.

Momentum indicators are also beginning to favor the bulls again. The weekly MACD is attempting a bullish crossover after remaining in bearish territory for several months, while the histogram has started printing strengthening green bars, signaling that downside momentum may be fading.

The recent recovery structure additionally resembles a smaller bullish cup-and-handle continuation setup forming near the lower boundary of the larger rounded bottom pattern, reinforcing the possibility of a gradual trend reversal if buyers maintain control above current levels.

However, XRP still faces a major resistance barrier near $2, where previous rallies have repeatedly stalled. The Supertrend indicator also remains bearish on the weekly timeframe, suggesting bulls may still need significantly stronger volume before confirming a larger breakout.

If buyers successfully reclaim the $2 resistance zone, XRP could attempt a stronger rally toward the $2.80 region over the coming weeks.

On the downside, failure to hold above the current $1.40–$1.45 support region could weaken the bullish structure and potentially expose XRP to another pullback toward the $1.25 area, where buyers previously stepped in during the March consolidation phase.