- XRP price faces consolidation while whale activity signals long-term confidence.
- Ripple’s legal wins and NYDFS approval enhance XRP’s market potential.
XRP has seen a 5% decline in the past 24 hours and an 8% drop over the past week, currently trading at $2.19 after peaking above $2.90 earlier this month. Despite the pullback, Ripple’s market outlook remains buoyed by legal wins and institutional activity.
Ripple is edging closer to resolving its long-standing legal battle with the SEC, as its $RLUSD product recently secured approval from the New York Department of Financial Services (NYDFS), a key regulatory milestone. This development could open new market opportunities for XRP, particularly in global banking and compliance-friendly jurisdictions. Furthermore, the possibility of a change in SEC leadership may improve Ripple’s chances of having the lawsuit dismissed, a factor that could further enhance XRP’s market standing.
Meanwhile, Whale activity has surged in recent weeks, with large transactions—particularly those over $40 million—indicating growing institutional interest. XRP’s recent price movements correlate with an increase in whale transactions, as large investors accumulate tokens, signaling confidence in the asset’s long-term prospects. This heightened activity is driving speculation on whether XRP is in the midst of a consolidation phase or preparing for a breakout.
XRP To Give A Bullish or Bearish Surprise?
Technically, XRP faces significant resistance at $2.50, with support around the $2.20 mark. Current trading patterns suggest that XRP may be forming a triangle pattern, often a precursor to either a breakout or a period of further consolidation. The token’s Relative Strength Index (RSI) stands at 55.17, indicating neutral momentum, while the On-Balance Volume (OBV) shows steady accumulation, despite a decrease in daily trading volumes.
For retail investors, the outlook remains cautious, with a breakout above $2.50 potentially triggering renewed bullish sentiment. However, failure to hold support at $2.20 could lead to sell-offs, with key downside targets at $1.94, $1.80, and $1.63.
With critical regulatory and technical factors at play, XRP’s next move could depend on macroeconomic shifts and market catalysts in the coming weeks.
Highlighted News Of The Day
