XRP Price Analysis

After two weeks of trading within the $2.30 to $2.50 range, the XRP price appears poised for a significant shift. Analysts suggest a potential new price discovery phase, possibly leading to record highs.

Bullish Targets for XRP Price

Technical analyst Dark Defender stated that XRP’s consolidation is over, highlighting low levels in the relative strength index (RSI) on the daily chart.

He projected a ‘wave 3’ rally with targets reaching $5.85, a 129% increase from its current $2.55 level. Furthermore, he suggested an ambitious goal of $8.76, implying a 243% uptrend from the current price.

Key short-term support levels are at $1.88 and $2.33. The latter has prevented further declines amid broader market turbulence. On the upside, resistance levels exist at $2.66 and $3.12, which were previous support points.

Should XRP climb above $3, further resistance may appear at $3.29 and $3.38, hindering attempts to surpass the former all-time high of $3.40.

SEC Acknowledges Grayscale’s XRP ETF Filing

In a crucial legal update, the US SEC has acknowledged Grayscale’s XRP ETF filing, indicating potential progress toward approval for these investments. This change comes after a leadership shift at the SEC, resulting in a potentially more favorable environment for cryptocurrencies, contrasting previous constraints under Gary Gensler’s watch.

Current SEC leadership may further promote cryptocurrency regulation, unlike under the Biden administration. Although these developments could stimulate XRP’s price movement, it remains stable at $2.55, having gained 11% in the last week and declined 17% over two weeks.