XRP looks like it is getting set to make another leg higher after breaking out of its short period of consolidation.

The bulls are starting to bang the table here as the technicals and fundamentals start looking very good for Ripple’s XRP.

Last week we saw plenty of action in XRP as price finally broke out above some key resistance levels, notably $1.00, before getting as high as $1.50 and then pulling back. However, twice now, we’ve seen each of these pullbacks consolidate and start to form very bullish technical patterns.

We are now getting set for a possible retest of the highs of around $1.50 and another leg higher.

Fundamentally, the only things that are holding this train up are the SEC case and the major exchanges (ie. Coinabse) that halted trading because of the case. In recent times, we’ve heard that the SEC continue to lose ground and I feel it is only a matter of time until this is resolved.

On the flip side, if the SEC comes to an agreement with Ripple, it is unclear as to how this might impact the rest of the sector. In effect, XRP would be somewhat regulated, while everything else would not. So in essence, this might be the first SEC case, but it will cause waves through the entire sector. Interestingly, Gary Gensler is set to be officially sworn in shortly.

For now, we watch the technicals and should these highs get taken, the next target for me is clearly the next round number level of $2.00. Also worth noting we have the Coinbase listing this week, which will only add fuel to the fire.

I for one, think this is only the very beginning of the bull run for XRP. What it can do and the problem it solves is massive. Ulitmate utility.