XRP, the darling of the Ripple community, has been caught in a bearish consolidation, much to the chagrin of investors. Despite the recent Bybit hack, the cryptocurrency has managed to stay above the $2.5 mark, leaving analysts scratching their heads. According to the esteemed crypto technical analysis platform, More Crypto Online, the coin remains neutral and indecisive, casting a shadow of doubt over the once-promising $250 target.
XRP Price: Trapped in a Tight Range
As of the time of writing, XRP is trading at $2.592, down by 0.63% in the past 24 hours. The coin has moved from a low of $2.512 to a high of $2.597 before settling at the current level. Per the analytical platform, the bullish structure of XRP remains technically intact, but the current outlook shows the coin has not made a major move to break above the resistance point at $2.8.
The analysis outfit has issued two primary price levels for traders to watch: the $2.47 invalidation level and the $2.75 breakout zone. Breaching these two levels can imply a further dropdown or rally for the coin.
The Elusive $250 Target: Still Possible?
In an earlier XRP price analysis, CoinGape reported that market analyst XRP Captain predicted the coin may hit $250 between now and 2026. This forecast is hinged on the premise that Ripple whales were accumulating the coin rapidly. While analysts are generally optimistic regarding Ripple, this is by far the most ambitious projection for the coin.
However, the environment remains promising, considering the pro-crypto outlook of the United States government. The influence of the coin’s supply was showcased as a major bane toward achieving this massive projection.
Ripple Lawsuit: A Twist in the Tale
Bringing the Ripple Labs versus United States Securities and Exchange Commission (SEC) lawsuit is key to the future of the XRP price. Earlier, Coinbase and the US SEC agreed to dismiss their lawsuit, which is pending the commission’s approval. The community is optimistic that the Ripple Labs lawsuit will be the next in line to be dismissed.
Beyond this, the impact of the potential XRP ETF approval on the coin’s price is also profound. Despite the effects of the Bybit hack and the current consolidation, the optimism for a massive breakout is high. 🤞
Read More
- Top 5 Swords in Kingdom Come Deliverance 2
- Best Avowed Mage Build
- Reverse: 1999 – Don’t Miss These Rare Character Banners and Future Upcoming Updates!
- How to Use Keys in A Game About Digging A Hole
- Brent Oil Forecast
- EUR AUD PREDICTION
- OKB PREDICTION. OKB cryptocurrency
- 8 Best Souls-Like Games With Co-op
- LUNC PREDICTION. LUNC cryptocurrency
- USD DKK PREDICTION
2025-02-22 21:52