Despite the underwhelming performance of Ripple’s native token, XRP, in the recent market surge, there is a silver lining for the asset. Ripple Labs received some encouraging news from the SEC this week, stirring speculation about potential gains.
Bitcoin led a significant market revival, breaking through the $100,000 mark and reaching a new multi-month high above $104,000. Several altcoins, including DOGE, SOL, and HYPE, made notable gains, as did Ethereum, which saw a weekly increase of over 31%.
However, XRP’s weekly climb is only just above 9%, and its monthly gain stands at 21%. While these are decent numbers, they pale in comparison to Ethereum’s 54% and Bitcoin’s 28% increases.
In an unexpected turn, the SEC filed for a settlement in its legal case against Ripple Labs, demanding a mere $50 million penalty, a drastic reduction from the initial $2 billion. Despite this, XRP managed to surpass a crucial resistance level at $2.26 and closed well above it.
Ali Martinez, a renowned analyst, anticipates XRP’s short-term target at $2.6. With over 137,000 followers, he shared that the SuperTrend Indicator has flashed a buy signal for XRP. He also shared more optimistic news for XRP’s future price performance.
Another analyst, Chad Steingraber, noticed a pattern between the current market structure and the events that unfolded in January. During that period, XRP’s Open Interest soared to almost $5 billion, and its price escalated from $2.3 to roughly $3.4 within a week. The Open Interest is now nearing those levels.
BitGuru reported that XRP had broken out of a double bottom and is currently “riding a strong uptrend with higher highs.” If XRP stays above $2.23, significantly lower than its current price of $2.4, it could trigger another bullish surge, the analyst added.
