Coingecko data shows that XRP was trading at $2.55 at press time. That is a 6.78% rise over the last 24 hours.
The market capitalization of XRP has now risen to $146.63 billion. The 24-hour trading in XRP has skyrocketed to $7.87 billion, suggesting a lot of market activity.
Symmetrical Triangle Breakout Sparks Bullish Momentum
XRP has broken out of a symmetrical triangle pattern that contained its price action since December.
A triangle, made up by trendlines converging downwards, was a consolidation period before the decisive break above the upper resistance line was made.
This breakout is a bullish indicator, with crypto analysts noting that buyers have regained control.
According to EGRAG CRYPTO, XRP must maintain momentum above the $2.50 zone to confirm the breakout and target three key levels: $2.60, $2.75, and $2.91. EGRAG stated,
“Every close above these targets serves as short-term confirmation that the ATH (All-Time High) is on the horizon.”
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The bulls can keep the momentum going, allowing XRP to test the psychological $3 level, a big task to get there.
Failure to hold the current levels may result in a retest of the previous resistance turned support, $2.30.
Analyst Highlights Bullish Structure
Crypto analyst Ali described XRP as having “one of the most bullish setups in crypto right now” after successfully retesting the breakout zone.
In late December XRP broke above its resistance at $2.30. This formed the descending triangle pattern, as lower highs converged with horizontal support at $1.9489.
After the breakout we took a retracement back to the previous resistance level and we now have a lot of support there.
This supports the solid wave of bullishness which has been seen across since then, XRP targeting $2.60 and beyond in the near term.
Calls for Regulatory Reform
Pro-XRP lawyer John E. Deaton criticized the SEC’s regulatory approach, stating that its handling of crypto regulations has damaged its reputation.
Deaton remarked, “Gensler is leaving the SEC in disgrace,” in reference to the outgoing SEC Chair.
He also highlighted challenges facing the new SEC Chair, Paul Atkins, including the need for clarity in the crypto regulatory framework.
Deaton also addressed the accredited investor rule, calling it oppressive and inconsistent with free-market principles.
“The rule is inconsistent with free market capitalism and oppressive in a society of self-determination,” he stated.
These comments reflect growing concerns within the crypto industry regarding regulatory policies and their impact on market participants.
The breakout of the triangle and likewise the bullish momentum is giving hope to traders eyeing $3 as the next significant mark.
However, regulatory developments are closely watched factors for the broader crypto market.
