TL;DR
- Ripple Labs received some good news this past week from the SEC, but the native token hasn’t really picked up the pace, unlike many of its rivals.
- Now, though, analysts tend to believe that the asset is due for some big gains.
The broader crypto market was revived in the past week as bitcoin finally broke above $100,000 and tapped a new multi-month peak at over $104,000. Many altcoins, such as DOGE , SOL, and HYPE, posted impressive gains, and so did ETH. In fact, Ethereum’s weekly increase stands at over 31%.
At the same time, XRP is also in the green, of course, but its weekly surge stands at just over 9%. On a monthly scale, it has added 21% (impressive, yes) but nowhere near as notable as ETH’s 54% surge or even BTC’s 28% jump.
What’s even more surprising is that the SEC officially filed for a settlement in the legal case against Ripple Labs and wants just a $50 million penalty payment, which is a fraction of the $2 billion it initially asked for.
Nevertheless, XRP still managed to break through an important resistance set at $2.26 and closed well above it on the daily. The short-term target for the asset is at $2.6, said Ali Martinez, who posted an update today with even more good news for XRP’s future price performance.
The analyst with over 137,000 followers on X said the SuperTrend Indicator had just flashed a buy signal for XRP.
Chad Steingraber found some similarities between the current market structure and the events that transpired in January. At the time, XRP’s Open Interest soared to almost $5 billion, and its price skyrocketed from $2.3 to roughly $3.4 within a week. Now, the Open Interest is close to those levels.
BitGuru noted that XRP had broken out of a double bottom and is “riding a strong uptrend with higher highs.” If it manages to stay above $2.23, which is far below the current price tag of $2.4, it could experience another bullish leg up, they added.
