XRP Ignites Rally Toward $3.28 as Ripple CLO Sparks Bullish Buzz with SEC Chair Shoutout
Main Idea
XRP has broken above its descending resistance and is retesting the $2.96 support zone, signaling a bullish reversal with a potential target of $3.28, while Ripple's legal developments with the SEC may further influence its price trajectory.
Key Points
1. XRP has broken above its descending resistance and is retesting the $2.96 support zone, indicating a bullish reversal.
2. Market analyst DeGram projects a price target of $3.28, with potential upside targets between $3.33 and $3.43, and even $5 in bullish scenarios.
3. Ripple's Chief Legal Officer praised SEC Chair Paul Atkins for shifting toward clearer crypto regulation, signaling potential positive developments in the XRP lawsuit.
4. Ripple has escrowed the agreed $125 million civil penalty, which is expected to be transferred to the U.S. Treasury, closing the financial aspect of the legal case.
5. A slip below $2.90–$2.80 would invalidate the bullish thesis and could lead to a deeper correction.
Description
XRP Breakout and Bullish Reversal in Focus Market analyst DeGram recently asserted that, “XRP has broken out above its descending resistance line and is now testing the top of a prior support zone near 2.96. Price structure suggests a bullish reversal with rising momentum and a target set near the 3.28 level.” Therefore, DeGram believes that XRP has broken above its descending resistance and is now retesting the $2.96 zone, which is a former key support. This setup signals a bullish reversal, wi...
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