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According to sources, the XRP price is preparing for a breakout as technical and legal indicators are now supporting it. A clear bull flag has formed during recent consolidation, and since the U.S. Securities and Exchange Commission no longer sees XRP as a security, traders are becoming increasingly bullish.
Experts think that the next move might be strong and possibly push the XRP price towards the $8 mark.
XRP Price Holding Key Range Ahead of Technical Break
The XRP price is currently trading around $2.14 and has been moving within a set range between $2.10 and $2.33. It records 24 hour trading volume of $1.7B.
This type of narrow price movement usually means that buyers are quietly building a position and might be a sign that a big price move is coming soon. Technical analysts see $2.35 as a key resistance level.
If the XRP price moves above that mark with a strong trading volume, it would confirm the current pattern and might start a strong rally. If it goes past $2.65, it could make the bullish trend even stronger.
Regulatory Clarity Removes Major Overhang
The SEC’s earlier lawsuit against Ripple caused years of doubt and confusion. But a major decision by a U.S. judge has confirmed that XRP is not a security. This quickly changed investors’ Sentiment.
Crypto analyst Crypto Beast said the XRP price is still low even after the important legal win. He thinks the market has not fully reacted to the positive news, and the XRP price should have already moved higher.
Conclusion
The XRP price is still trading below a key breakout point. With strong technical patterns and no more regulatory pressure, many traders think XRP is getting ready for a major move.
If buyers can push the XRP price above the $2.35 resistance with strong volume, it might open the door for a move towards $2.65 and possibly aim for the $8 mark in the future.
Still, traders closely watch for a clear confirmation before calling it a true breakout. For now, XRP remains one of the most closely followed assets in the crypto market.
