XRP price action exhibited significant bullish momentum, breaking through the key $2.34 resistance level. Technical indicators, including the 20-day Exponential Moving Average (EMA) and a positive Relative Strength Index (RSI), suggest the upward trend could continue.
This price surge coincides with Ripple CEO Brad Garlinghouse’s participation in the ‘From Wall Street to Web3’ hearing convened by the US Senate Committee on Banking, Housing, and Urban Affairs. Market observers speculate that Garlinghouse’s involvement could contribute to greater regulatory clarity for the cryptocurrency sector, potentially boosting investor confidence and demand for XRP.
Chart analysis points to potential price targets at $2.48, $2.65, and $2.76 if the current momentum holds. However, analysts caution that failure to maintain support above the 50-day Simple Moving Average (SMA) could trigger a price decline toward the $2.15 level.
Overall investor sentiment remains cautiously optimistic, influenced by the confluence of positive technical signals and anticipation surrounding the regulatory discussions. Ripple’s proactive engagement in these high-level summits is viewed as a potential catalyst for enhanced market confidence and further upward movement in XRP’s valuation.