The Resilience of XRP: Will the Token Soar High Soon?

The cryptocurrency markets have shown some resilience in the past 24 hours, with Bitcoin and XRP leading the charge. While Bitcoin managed to reclaim levels above $83,000, the real excitement lies around the XRP price. The token has demonstrated a strong comeback after visiting lows below $2, signaling growing bullish momentum.

The Impact of the Ripple Lawsuit

One of the major reasons for the downfall of the XRP price was the ongoing lawsuit against Ripple, which also hindered the token from reaching a new all-time high during the 2021 bull run. The delisting from US-based exchanges added to the uncertainty among market participants.

Positive Developments on the Horizon

However, reports suggest that the uncertain clouds over Ripple are expected to fade away soon. Insider reports indicate that the case is nearing its conclusion, with the SEC possibly imposing a fine of $125 million on Ripple and a permanent injunction preventing the company from selling XRP to institutional investors.

Technical Analysis and Price Outlook

The latest rebound in XRP price invalidated the H&S pattern but failed to surpass the pivotal resistance at $2.28. The RSI is showing incremental movement despite a minor divergence, while the Ichimoku cloud is signaling a potential bullish crossover. The price is expected to consolidate within a range of $2.03 and $2.27 before potentially testing higher targets.

Optimism and External Factors

With speculation of the Ripple vs. SEC lawsuit nearing closure, traders are expected to become more optimistic about the future price action of XRP. Additionally, Ripple is creating a DFSA license for blockchain-powered crypto payments, and Franklin Templeton has joined the race for an XRP ETF alongside other major players like Grayscale and Wisdomtree. These external factors are anticipated to have a positive impact on the XRP price, potentially leading to a significant surge in value.