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Highlights
- As long as XRP price sustains above $2.0, gates are open for a mega rally to $22 or $30.
- Despite market volatility, XRP has achieved a milestone with over 6.26 million addresses holding at least one token.
- Positive momentum in the SEC vs. Ripple lawsuit continues, as both parties filed a joint motion to pause the appeal.
XRP price has struggled to gain traction despite recent positive developments, hovering at the critical $2.0 support level. A breakdown below this point could trigger a 40% drop to $1.20. Broader macroeconomic uncertainty and escalating tensions in the US-China tariff war have weighed on the crypto market, including XRP, overshadowing progress in the SEC vs. Ripple lawsuit.
XRP Price In A Make It or Break It Position
XRP price has been flirting at a crucial support of $2.0, and any directional move can decide the next market action. In the last 24 hours, the Ripple cryptocurrency has bounced back once again from the $1.9 levels and is currently trading at $2.0. However, the daily trading volumes have crashed 51% to $4.21 billion.
Although the bounce back has been sharp, crypto analyst Ali Martinez noted that XRP needs to surge past this breakout zone to continue with the rally. As shown in the image below, XRP price is forming a head and shoulders pattern. Also, the immediate support is $1.80, while the gates of a 40% drop to $1.20 are still open.
However, if the Ripple cryptocurrency manages to roar back above $2.0, it can chart its path for an upside breakout to $22, $30, and beyond. Crypto analyst EGRAG Crypto cited the multi-year time-frame, stating that the breakout on a multi-year timeframe can lead to a strong breakout on the upside. The analyst noted:
“I’m looking at the last pump from the 2017 cycle, which was an incredible 2,600%! Starting from $1.20, if we see a retracement back to the edge of the triangle, then $30 is definitely within reach!”
On-Chain and Ripple Lawsuit Developments
XRP’s on-chain metrics highlight huge growth for the Ripple blockchain. On-chain analyst Ali Martinez reports that over 6.26 million addresses now hold at least one XRP, marking a record high for the network. This milestone highlights strong investor confidence despite ongoing market volatility. At the same time, talks of a spot XRP ETF are also on the rise amid positive developments in the Ripple lawsuit, which can be a catalyst to XRP price upside.
On Thursday, the United States Securities and Exchange Commission (SEC) and Ripple Labs have jointly filed a pivotal motion following their settlement of the XRP lawsuit. According to the filing submitted to the US Court of Appeals for the Second Circuit, both parties have requested that the appeal be held in abeyance until the court formally approves the resolutions.
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