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XRP bulls are eyeing a potential breakout above $2.30 as the cryptocurrency consolidates near crucial support levels, with analysts warning that the June 16 Securities and Exchange Commission (SEC) case deadline could trigger explosive price action in either direction.
The digital asset trades around $2.25 after surging more than 2% on Monday, recovering from last week’s selloff that tested key support at $2.05. Trading volume rocketed 90% to $2.8 billion as investors position themselves ahead of what many consider a make-or-break moment for Ripple’s legal battle.
Both Ripple and the SEC must file a status report in the Second Circuit Court by June 16. Many anticipate that this filing could provide clarity on the long-running lawsuit that has cast uncertainty over XRP’s regulatory status since 2020.
Technical indicators paint a bullish picture for the short term. Renowned analyst EGRAG CRYPTO recently highlighted what he calls a “3 Hammers & 3 Rockets” pattern on XRP charts, predicting a breakout by mid-June that could push prices toward $3.40.
Source: EGRAG CRYPTO, X
“Our road for all-time high is open,” noted Dark Defender, another prominent analyst tracking XRP’s movements. He believes a break above current levels could lead to targets between $3.39 and $6.00.
Source Dark Defender, X
XRP’s chart mirrors its 2017 pattern before the historic rally to $3.40, suggesting history could repeat. But past performance offers no guarantees in crypto’s unforgiving landscape.
The path forward remains precarious. XRP must hold critical support at $2.22 to avoid a potential crash toward $1.35, according to multiple technical analyses. A resistance cluster between $2.29 and $2.36 represents a liquidation zone that could either fuel further gains or trigger a sharp reversal.
Since winning a partial victory in July 2023, when a judge ruled XRP wasn’t a security for retail investors, Ripple has rebuilt momentum. The company recently partnered with Japan’s government-backed Web3 initiative, offering $200,000 grants to blockchain startups.
Futures markets reflect growing conviction. Open interest jumped to $4.1 billion from $3.69 billion over the weekend, signaling traders are placing bigger bets on XRP’s direction.
For investors holding 1,200 XRP tokens (currently worth about $2,700), the coming weeks could prove decisive. Conservative projections suggest the holdings could reach $3,600 to $4,200 if XRP hits modest targets of $3.00 to $3.50. More optimistic scenarios paint a picture of $6,000 to $7,200 valuations should the cryptocurrency reach the $5 to $6 range by 2026.
Ripple’s expanding payment network—now serving 45 global markets with transaction speeds of 1,500 per second—provides fundamental support for higher prices. Latin American remittance costs dropped 40% using the company’s technology.
Yet risks persist beyond technical resistance levels. Crypto market volatility, unexpected regulatory developments, and competition from payment rivals like Stellar could derail bullish momentum. Even internal decisions at Ripple might influence XRP’s trajectory.
As the June 16 deadline approaches, XRP finds itself at a crossroads where legal clarity and technical breakouts could converge to determine whether the cryptocurrency reclaims its 2018 highs or faces another prolonged correction phase.
