XRP is on the way to its positive trajectory and experiencing a surge in its price with the overall market. Now, the market is turned from bearish to bullish after several weeks of market volatility triggered by macro factors. Both traders and investors are closely watching this coin to recover the losses from recent market volatility. If a successful breakout occurs then it will lead to a bullish breakout toward $5.
AT the time of writing, XRP is trading at $2.18 with a 24 hour trading volume of $1.25B and a market capitalization of $128.91B. The XRP price over the last 24 hours is up by 0.23% and over the last week it is also up by 10.73% and showing high potential for further upward momentum.
XRP price eyes $5 as SEC case ends
XRP is flashing one of the most bullish technical patterns in recent memory, a pennant formation unfolding directly along a multi-year supply zone. This scenario indicates a re-accumulation phase where investors are consolidating their positions ahead of a possible explosive breakout. The convergence of narrowing price action along with historical resistance levels suggests a move upward is imminent. With the momentum building and volume patterns aligning, chart analysts are watching the resistance line with increasing excitement.
One further boost toward the bulls was provided by the long-overdue conclusion of Ripple’s lawsuit with the United States Securities and Exchange Commission. With years worth of ambiguity gone at last, the SEC lawsuit versus XRP has at long last come to its conclusion, a historic development removing a large cloud from above the cryptocurrency. This clarity will not only boost institutional confidence but also unlock a new phase of adoption, utility, and price discovery for XRP.
Given that technical indicators are now bullish, and there are no more legal challenges, investor sentiment is shifting to a more positive outlook. A considerable number of investors expect XRP to make a dramatic breakout, with peaks potentially reaching around $5 in the near future. Both in terms of fundamentals and charting patterns, it seems XRP is close to embarking on an impulsive rally which may fundamentally restructure its position within the cryptocurrency ecosystem.
