Weekly XRP Price Prediction: BR ETF Legal Push Restarts Long Term Ripple Rally
A changing regulatory environment, growing spot XRP ETF odds, and positive technical signs are all contributing to Ripple's recent surge.
Quick overview
- XRP has broken its pattern of lower highs, indicating a potential bullish trend with a recent surge from $2.10 to $2.33.
- Ripple Labs has settled with the SEC, reducing its fine and improving the regulatory outlook for XRP.
- Analysts predict significant upward potential for XRP, with targets of $5.85 and $8.76, contingent on breaking key resistance levels.
- The cryptocurrency market sentiment is bolstered by Bitcoin's recovery above $100,000, suggesting a broader resurgence.
Live XRP/USD Chart
A changing regulatory environment, growing spot XRP ETF odds, and positive technical signs are all contributing to Ripple’s recent surge.
XRP Breaks Out: Bullish Signals Emerge
XRP has decisively broken its pattern of lower highs, signaling a potential shift into a bullish trend. The cryptocurrency recently surged from $2.10 to $2.33, surpassing the 100-day Simple Moving Average (SMA), which had acted as resistance since March. This breakout suggests renewed buying interest and a possible continuation of the upward trajectory.
Bitcoin’s recovery above the $100,000 mark further bolsters market sentiment, indicating a broader resurgence in the cryptocurrency sector.
XRP/USD Chart Daily – The 100 SMA Is Broken 
Regulatory Developments: Ripple and the SEC
Ripple Labs has reached a settlement with the U.S. Securities and Exchange Commission (SEC), agreeing to pay a reduced fine of $50 million, down from the initially imposed $125 million. This settlement concludes a significant legal battle over the alleged sale of unregistered securities.
Reuters
The SEC has also dropped its appeal regarding a judge’s decision that XRP tokens sold on public exchanges do not qualify as securities. However, Ripple will cease its appeal against the decision that $728 million in XRP sales to institutional investors should adhere to securities laws.
Reuters
These developments suggest a more favorable regulatory environment for XRP and could pave the way for future advancements, such as the approval of an XRP exchange-traded fund (ETF).
Market Outlook: Potential for Further Gains
Analysts are optimistic about XRP’s future performance. Technical indicators point to the completion of a consolidation phase, with the potential for a significant upward move. Targets include a rise to $5.85, representing a 129% increase from current levels, and even a potential surge to $8.76, nearly tripling its previous all-time high of $3.40.
XRP/USD Chart Weekly – Bouncing Off the 20 SMA
Support levels are identified at $1.88 and $2.33, while resistance is anticipated at $2.66 and $3.12. A successful breach of these resistance levels could signal the continuation of the bullish trend.
Conclusion
With the resolution of regulatory challenges and positive technical indicators, XRP appears poised for continued growth. Investors and market participants will be closely watching for further developments, including potential ETF approvals and sustained bullish momentum.
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