After two weeks of trading within the $2.30 to $2.50 range, the XRP price appears to be on the brink of a significant price movement. Potentially entering a new price discovery phase for the first time in seven years, analysts suggest\u00a0a possible surge to new record highs.<\/p>\n
In a recent post <\/a>on social media platform X (formerly Twitter), technical analyst Dark Defender indicated that the XRP price consolidation has concluded, as evidenced by the lows in the relative strength index (RSI) on the daily chart.\u00a0<\/p>\n The analyst posits that a \u201cwave 3\u201d rally may be set to launch, targeting a price of $5.85, which would represent an impressive 129% increase from its XRP\u2019s current trading level of $2.55.<\/p>\n Further reinforcing his bullish outlook, Dark Defender identified another ambitious target for XRP, suggesting it could nearly triple its previous all-time high<\/a> of $3.40, aiming for a new target of $8.76, which implies a potential 243% uptrend from current levels.<\/p>\n In addition, Dark Defender pointed to key support levels for the XRP price in the short-term, currently established at $1.88 and $2.33. The latter has proven to be a critical threshold, preventing further declines amid a turbulent market characterized by broader cryptocurrency sell-offs.\u00a0<\/p>\n On the upside, however, the XRP price may face major resistance at the $2.66 and $3.12 levels, which previously served as support <\/a>before the extension of the recent downtrend for the altcoin.<\/p>\n Should the XRP price manage to break free from its current consolidation phase and reclaim the $3 mark, additional resistance could emerge at $3.29 and $3.38, levels that previously thwarted attempts to surpass the $3.40 record.<\/p>\n A significant legal development in the US could serve as a catalyst for these anticipated price movements. The US Securities and Exchange Commission (SEC) has recently acknowledged <\/a>Grayscale\u2019s filing for an XRP exchange-traded fund (ETF), signaling potential advancements toward the approval of such investment vehicles.\u00a0<\/p>\n This development follows a shift in the SEC\u2019s leadership, with the departure of Gary Gensler, who oversaw the lawsuit against Ripple Labs\u2014an action that stifled XRP\u2019s price for nearly four years, confining it to a narrow trading range of $0.30 to $0.50.<\/p>\nSEC Acknowledges Grayscale\u2019s XRP ETF Filing<\/h2>\n