TL;DR
- After a prolonged time spent in a relatively tight trading range, XRP soared above a key resistance, which can take it higher to $2.6, according to a popular crypto analyst.
- The latest price surge came amid a market-wide increase, but also after the US SEC filed to settle the lawsuit against Ripple Labs.
XRP to $2.6 Next?
Ever since Ripple’s cross-border token reclaimed the crucial $2 line in mid-April, it has been stuck within a trading range between the aforementioned level, which became psychological support, and $2.26. The latter turned into key resistance, which withheld the bulls’ attempt at a breakthrough in late April.
In the past ten days, XRP has failed to move outside of either boundary. The bears unsuccessfully challenged the lower boundary on May 6, but the asset remained well above it. The subsequent bounce-off has been gradual yet appears to be sustainable.
Earlier today, XRP surged to an 11-day peak of over $2.33 before facing some resistance and falling back to the current $2.3. Nevertheless, it’s still 5% up on the day, and, more importantly, has surged past the upper boundary of $2.26. Noted crypto analyst Ali Martinez told his followers on social media that if XRP manages to maintain a close above that line, it could head toward $2.6 next.
If $XRP breaks through the $2.26 resistance, it could trigger a bullish breakout toward $2.60! pic.twitter.com/2bdG315vgi
— Ali (@ali_charts) May 8, 2025
Although XRP is yet to close above that level on a daily basis, the community has responded positively to the recent price movement, fervently discussing price predictions for the upcoming weeks and months. There are compelling viewpoints from various analysts suggesting that the current price levels represent a significant entry point.
SEC Files to Settle
One of the primary catalysts behind XRP’s recent surge is the overall resurgence of the cryptocurrency market, as the entire industry has seen an influx of roughly $300 billion in a matter of days. However, another key factor involves the long-standing legal battle between Ripple Labs and the US SEC.
The SEC has filed a motion to obtain court approval for a settlement with Ripple Labs, suggesting that the once-contentious dispute may soon conclude. This aligns with prior statements from Ripple’s leadership indicating that the lawsuit’s severity had diminished. The agency is reportedly seeking a $50 million settlement, significantly less than the $125 million previously ordered and far below the initial $2 billion the SEC aimed to claim.
In summary, XRP’s recent performance and the potential for future price increases are not solely attributable to market movements but are also closely tied to developments in Ripple Labs’ ongoing legal challenges. Investors and crypto enthusiasts alike will be keenly observing how the situation unfolds in the weeks ahead.
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