After two weeks of trading within the $2.30 to $2.50 range, the XRP price appears to be on the brink of a significant price movement. Potentially entering a new price discovery phase for the first time in seven years, analysts suggestĀ a possible surge to new record highs.
Bullish Targets For XRP PriceĀ
In a recentĀ postĀ on social media platform X (formerly Twitter), technical analyst Dark Defender indicated that the XRP price consolidation has concluded, as evidenced by the lows in the relative strength index (RSI) on the daily chart.Ā
The analyst posits that a āwave 3ā rally may be set to launch, targeting a price of $5.85, which would represent an impressive 129% increase from its XRPās current trading level of $2.55.
Further reinforcing his bullish outlook, Dark Defender identified another ambitious target for XRP, suggesting it could nearly triple its previousĀ all-time highĀ of $3.40, aiming for a new target of $8.76, which implies a potential 243% uptrend from current levels.
In addition, Dark Defender pointed to key support levels for the XRP price in the short-term, currently established at $1.88 and $2.33. The latter has proven to be a critical threshold, preventing further declines amid a turbulent market characterized by broader cryptocurrency sell-offs.Ā
On the upside, however, the XRP price may face major resistance at the $2.66 and $3.12 levels, which previously served asĀ supportĀ before the extension of the recent downtrend for the altcoin.
Should the XRP price manage to break free from its current consolidation phase and reclaim the $3 mark, additional resistance could emerge at $3.29 and $3.38, levels that previously thwarted attempts to surpass the $3.40 record.
SEC Acknowledges Grayscaleās XRP ETF Filing
A significant legal development in the US could serve as a catalyst for these anticipated price movements. The US Securities and Exchange Commission (SEC) has recentlyĀ acknowledgedĀ Grayscaleās filing for an XRP exchange-traded fund (ETF), signaling potential advancements toward the approval of such investment vehicles.Ā
This development follows a shift in the SECās leadership, with the departure of Gary Gensler, who oversaw the lawsuit against Ripple Labsāan action that stifled XRPās price for nearly four years, confining it to a narrow trading range of $0.30 to $0.50
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