Is XRP starting its journey to $3? Here’s what the analysis reveals
XRP is experiencing relative stability in its price around $2.32 today after a slight rise from the previous close. The market shows moderate buying momentum with trading volume exceeding $2.8 billion, indicating increased interest from institutional and individual traders. One of the main current catalysts is the anticipation of the SEC report regarding developments in the case with Ripple, expected to be released on June 16. Any indications of a settlement could propel the currency into a strong upward movement, especially if accompanied by positive developments regarding the instant ETF fund for XRP, which the markets currently expect a high probability of approval. This event represents a potential turning point that could push the price above $3 if confirmed. On the other hand, Ripple has launched strategic partnerships in Japan with a Web3 platform supported by JETRO, aiming to enhance the use of the XRP Ledger in DeFi projects, adding practical dimensions and real value to the network. Technically, the price is holding above an important support area near $2.20, continuously testing the resistance area at $2.30. A breakthrough here could pave the way for higher targets at $2.50 and then $2.80 in the short term. Technical indicators such as the MACD and moving averages show a bullish tendency supported by buy signals and a relative increase in momentum. Significant activity has been observed from whales, with approximately 498 million XRP transferred from Ripple’s wallets to private wallets, which could signal a repositioning or preparation for upcoming price movements. Overall, the strongest scenario currently leans towards positivity, contingent on the outcomes of upcoming events this week, notably the SEC report, ETF support prospects, and ongoing practical partnerships with financial and technological institutions in Asia. Traders are therefore advised to monitor the levels of $2.17 as a key support and watch for any breakout above $2.35 as a confirming buy signal, adjusting entry and exit strategies based on real-time market developments.