XRP is experiencing a notable increase in buying pressure, potentially laying the groundwork for a push toward the key $3 resistance level.
Over the past 24 hours, XRP’s market capitalization has surged by approximately $6.25 billion, rising from $127.97 billion to $134.22 billion.
This influx of capital is reflected in the price action, with XRP currently trading at $2.29, up more than 4% on the day and nearly 6% over the past week.
From a technical standpoint, XRP is hovering around its 50-day simple moving average (SMA), a level often viewed as a critical short-term trend indicator. The price remains well above its 200-day SMA at $1.90, reinforcing the asset’s longer-term bullish trajectory.
Meanwhile, the 14-day Relative Strength Index (RSI) stands at 46.61, suggesting neutral momentum but leaving room for considerable upside.
XRP’s path to $3
Looking ahead, pseudonymous crypto analyst Theodor Coin highlighted in a June 8 CoinMarketCap post that certain key price levels may help XRP reclaim the $3 mark. According to the analyst, XRP has spent the past two weeks consolidating within a narrowing range and experiencing decreasing volatility, a setup that often precedes sharp directional moves historically.
He noted that the current clustering around the $2.20 to $2.25 zone indicates sellers may lose conviction, although bulls have yet to take full control.
However, he emphasized that a breakout above $2.27, especially if supported by strong volume, could spark a rally toward $2.90, potentially forming the right shoulder of a larger reversal pattern.
On the flip side, a breakdown below $2.20 might see XRP retesting $1.99 or even sliding toward the broader $0.99 macro support level if sentiment deteriorates sharply.
For now, with momentum leaning positive, it appears XRP is capitalizing on broader market sentiment as it sets its sights on reclaiming the $2.50 resistance.
XRP fundamentals
Beyond technical indicators and market trends, the lingering legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) could catalyze XRP’s price movement. Investors are watching for a resolution, especially after the presiding judge initially rejected the settlement proposal due to procedural errors.
In this context, pro-XRP lawyer Bill Morgan has identified June 16 as a potentially pivotal date. On that day, the SEC is expected to submit its status report to the Appeals Court, marking the conclusion of a 60-day window.
Morgan suggested that some form of development is likely imminent, otherwise, the appeal and cross-appeal process will move forward, requiring Ripple to file its briefing.
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