XRP has slipped 3%, leaving investors questioning why the price isn’t surging despite recent developments. Market analysts remain divided on its future trajectory.
Technical Analysis: Is XRP Headed for a Breakout or Correction?
- Peter Brandt’s Prediction: Futures market chart expert Peter Brandt notes a head and shoulders pattern on XRP’s chart, indicating a potential breakout above $3.00 if it holds key support at $1.90. However, if the pattern breaks lower, XRP could drop to $1.07.
- Bullish Outlook: Crypto trader Seyma remains optimistic, predicting that XRP could outperform the broader market and surge to $3.00–$3.24 in the coming weeks.
- Bearish Perspective: EuroSniper, another prominent trader, is currently short on XRP, expecting further correction before Bitcoin stabilizes. He will reconsider his stance if BTC reclaims $92,000, but for now, he anticipates Bitcoin testing the low $80,000s to high $70,000s, which could weigh on XRP’s price.
Regulatory Updates: Ripple’s Legal Victory Against the SEC
- Ripple received positive news as Chief Legal Officer Stuart Alderoty confirmed that the U.S. Securities and Exchange Commission (SEC) has dropped its appeal against the company.
- Ripple will now pay only $50 million of the original $125 million fine, with the remainder refunded.
- The SEC will request the court to lift its previous injunction. The final steps include a Commission vote, document drafting, and court approval.
Market Sentiment and Next Steps for XRP
With mixed technical indicators, regulatory relief, and Bitcoin’s price movements influencing the crypto market, XRP remains at a critical juncture. If bullish momentum builds, it could break past resistance levels, but a broader market correction could hinder its growth.
