XRP Surges Above $3 on SEC Resolution Hopes, Eyes $5 Target
Ripple’s XRP has staged a two-phase rally driven by mounting optimism over its Securities and Exchange Commission (SEC) lawsuit and technical breakouts. Initially, XRP climbed about 10% toward $1 amid speculation that a mid-2024 summary judgment could clarify its status and trigger broader institutional adoption. Volume gains reflected renewed trader confidence but resistance at $0.90 and support at $0.70 defined early price action. More recently, XRP exploded above $3 with an $11.8 billion volume spike, outperforming Bitcoin and Ethereum’s weekly gains. It also broke out of a six-month falling wedge, targeting the 2.618 Fibonacci extension at $4.37, while weekly RSI and MACD indicators signal further upside. Key regulatory catalysts include an upcoming U.S. House vote on major crypto bills, the ISO20022 migration, and a potential spot ETF launch following the SEC case’s resolution. Traders should watch support at $2.66 and monitor court filings, ETF developments, and volume trends for timely entry and exit points as XRP positions for both short-term spikes and long-term growth toward $5.
Bullish
The combined news delivers a bullish outlook for XRP. Short term, the technical breakout above a six-month falling wedge—confirmed by a weekly RSI below overbought and a MACD golden cross—supports further upside toward the $4.37 Fibonacci extension. The $11.8 billion volume spike and solid weekly gains versus Bitcoin and Ethereum reinforce momentum. Long term, resolution of the SEC lawsuit, potential spot ETF approval, and expected institutional inflows provide strong catalysts for a rally toward the $5 target. Key support levels at $2.66 and earlier near $0.90–1.00 should be monitored, but overall trader sentiment and regulatory progress underpin a bullish market stance.