XRP’s price has surged nearly 30% in the past two weeks, driven by the crypto market’s recovery and positive developments in Ripple’s lawsuit with the SEC. While Ripple still faces restrictions on selling XRP to institutional investors, technical analysis suggests strong growth potential.
Symmetrical Triangle Pattern Signals XRP’s Next Rally
XRP’s price chart is forming a symmetrical triangle—a classic continuation pattern. According to technical analysis, if XRP breaks above the upper trendline (around $2.35), it could rally to $4.35 by June, marking a 75% increase from its current price. Conversely, a drop below the lower trendline could push XRP down to $1.28.
Key Factors Driving XRP’s Price
Beyond bullish technical signals, XRP is benefiting from positive legal developments. On March 21, its price jumped 7.85% to $2.41 after the SEC dropped its appeal against Ripple.
This bullish momentum was further reinforced when crypto exchange Bitnomial voluntarily dismissed its lawsuit against the SEC ahead of launching the first XRP futures contracts regulated by the CFTC in the U.S. These futures contracts enhance market liquidity, reduce slippage, and improve trade execution.
However, Ripple still faces legal hurdles due to an injunction issued by Judge Analisa Torres, restricting the company from selling XRP to institutional investors like banks and financial institutions. Crypto lawyer John Deaton noted that Ripple must find a way to overcome this restriction if it aims to expand XRP distribution in the U.S.
