Ripple Soars 11% After SEC Approval: Can It Break $3.64?

XRP price surged over 11% within 24 hours, becoming one of the best-performing cryptocurrencies in the market today. This movement is not without reason.

This move came just hours after the long-standing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) officially ended. This action has eliminated a key issue that has plagued XRP for years.

With Ripple gaining SEC approval, XRP has once again attracted the attention of retail and institutional investors.

The surge was mainly triggered by a short squeeze, but strong technical indicators still suggest that XRP has room to rise an additional 10% or even more. However, it is not all smooth sailing.

Bulls currently hold the dominant position, but they need to maintain control to break through the next resistance level around $3.64.

Short Squeeze Opens Up XRP Price Surge

The rebound began when XRP suddenly broke through some important price levels: $3.08, $3.19, and $3.29.

These are major resistance zones, indicating that sellers had previously prevented the price from rising at these levels.

What’s Next for XRP Price? Key Price Levels to Watch

Currently, XRP has broken through three critical levels: $3.08, $3.19, and $3.29. The next two levels to watch are:

$3.45, which is a psychological round number that has acted as resistance in the past. $3.64, which aligns with the major short liquidation area.

If the bulls can maintain momentum and XRP price breaks $3.64, it may begin price discovery.

This means there would be no historical resistance above. The rebound could then unfold vertically.

But if XRP fails to hold above $3.29, or if funds start to withdraw (CMF declines), we may see XRP pull back to lower support levels. This would invalidate the bullish outlook.