XRP Breaks Through Important Resistance, Here’s What’s Next for Ripple’s Price

TL;DR

• After a prolonged time spent in a relatively tight trading range, XRP soared above a key resistance, which can take it higher to $2.6, according to a popular crypto analyst.
• The latest price surge came amid the market-wide surge, but also after the US SEC filed to settle the lawsuit against Ripple Labs.

XRP to $2.6 Next?

Ever since Ripple’s cross-border token reclaimed the crucial $2 line in mid-April, it has been stuck within a trading range between the aforementioned level, which became psychological support, and $2.26. The latter turned into key resistance, which withheld the bulls’ attempt at a breakthrough in late April.

In the past ten days, XRP failed to move outside of either one of those lines. The bears unsuccessfully challenged the lower boundary on May 6, but the asset remained well above it. The subsequent bounce-off has been rather gradual but seems sustainable as of now.

Earlier today, XRP surged to an 11-day peak of over $2.33 before it faced some resistance and was pushed south to the current $2.3. Nevertheless, it’s still 5% up on the day, and, more importantly, it has surged past the upper boundary of $2.26. Ali Martinez told his over 135,000 followers on X that if XRP managed to close above that line, it could head toward $2.6 next.

https://twitter.com/ali_charts/status/1920478292483977619?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank

Although XRP is yet to close above that level on the daily, the community was quick to pick up the move and celebrate with some big price predictions for the following weeks and months. Also, you can check why another popular analyst believes the current price levels are an “absolute gift.”

SEC Files to Settle

The first obvious reason behind XRP’s surge is the overall market resurgance as the entire industry has added roughly $300 billion within the past few days. However, there seems to be another, and it involves the legal case between the company behind the token and the US regulator that sued it for over four years.

The SEC has filed a motion to receive court approval to settle with Ripple Labs. This could be considered a confirmation of previous statements by Ripple’s CEO and CLO, as both claimed that the case has effectively ended. The agency’s filing requests a $50 million settlement, which is far off the previously ordered $125 million and way less than the $2 billion the SEC initially sought.