The future XRP price trend will be determined by a breakout or rejection at the channel
Following last week’s summary judgment on portions of the case, Judge Sarah Netburn recently instructed both Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has ordered both parties to determine three mutually convenient dates for a potential settlement conference, indicating that there might be an opportunity to conclude their prolonged legal dispute. The decision, seen as a considerable victory for Ripple Labs, overturned the SEC’s initial claim that Ripple had conducted an unregistered securities offering by selling XRP.
Recently, XRP has been riding a powerful wave of momentum, igniting excitement among analysts who foresee an exhilarating surge toward the desired US$1 mark. Behind the scenes, Ripple Labs, the visionary force propelling XRP’s rise, has been unstoppably forging strategic partnerships and engaging in groundbreaking collaborations. These extraordinary efforts have ignited a fire of confidence in many investors, believing a new bull market will take shape.
The weekly time frame for XRP shows a bullish outlook. The main reason for this is a breakout from a 700-day descending resistance line. Breakouts from such long-term structures often lead to significant movements in the other direction.
After the breakout, XRP moved above the US$0.54 horizontal area, creating a large bullish candlestick (green icon). This took the price to the next resistance at US$0.90, which was rejected the same week (red icon). The price is now trading between these two levels.
One analyst, Tolberti, explained on TradingView that XRP would likely jump at least to a resistance level at US$1.30. If it can break through that level, it could retest its all-time high of US$3.28. That would represent a nearly 4x gain from today’s price.
Other prominent crypto analysts have been even more bullish. Thomas Kralow, manager of the hedge fund Kralow Capital and a YouTube influencer with more than 330,000 subscribers, proposed a near-term price target of US$8-US$10 for XRP. His long-term price target, announced before the ruling in the SEC case, is US$30.
According to Ripple, blockchain and crypto technologies are attracting the interest of global financial executives as they present a potential solution to modernize the underlying infrastructure of international payments. A recent report by Ripple Labs reveals that 44% of survey respondents expect payments to be the biggest driver of crypto adoption, with cross-border payments being a top use case for XRP.
Traditional payments, especially cross-border ones, often rely on legacy rails that can take days to settle transactions.
“In contrast, blockchain and digital asset technologies provide a seamless global infrastructure in which payments can be sent and received anytime, anywhere, instantly with lower fees and 360 visibility”, the report by Ripple states.
