XRP price has gained nearly 30% in the last two weeks thanks to the market recovery after being down since the beginning of February.
However, XRP’s recovery appears to be in sync with a symmetrical triangle pattern which indicates XRP is poised for a breakout surge.
This pattern occurs when the price trades between two narrowing trendlines after a rally. If XRP decides to break above the upper trendline, the price could go as high as 75%, reaching $4.35 by June.
Right now, the price is hovering near the bottom line of that triangle, but it’s aiming for $2.35 by April. Of course, if it drops below the lower trendline instead, things could go the other way, pushing the price down to $1.28.
Another reason why XRP is climbing is because the SEC dropped its appeal against Ripple on March 19. This lawsuit had been hanging over Ripple’s head for more than three years. It made investors skeptical about buying XRP.
But now that the case is over, many see this as a green light for Ripple to grow. Traders reacted immediately, and just two days after the news, XRP jumped 7.85% to reach $2.41.
Another big boost came from Bitnomial, a crypto exchange that dropped its lawsuit against the SEC and launched the first CFTC-approved XRP futures in the U.S.
Futures trading let’s investors bet on XRP’s price without actually owning it. That means more people trading, more money moving, and higher liquidity, which makes it easier for big investors to jump in.
But, even though things are looking up, Ripple isn’t totally in the clear yet. Judge Analisa Torres in April 2024 issued an injunction that stopped Ripple from selling XRP directly to big investors like banks.
Crypto lawyer John Deaton said that this could slow Ripple down. “If Ripple wants to sell XRP to banks, this injunction is a big issue,” he said. Right now, Ripple will have to figure out how to work around this if it wants to keep expanding.
