XRP price has recently experienced a notable 2% increase to $2.25, driven by a broader crypto market recovery. Analysts foresee a possible rally to $3 or even $3.40 if XRP breaks through key resistance levels. Holding the $2.22 support is critical to preventing a steep decline to $1.80 or $1.35.
This price surge coincides with a 90% spike in trading volume reaching $2.8 billion, and a 6% rise in XRP futures open interest, indicating heightened market interest. Despite a weekly gain near 5%, the 30-day chart remains negative.
Market experts, including EGRAG CRYPTO and Dark Defender, highlight bullish formations and patterns suggesting a potential breakout by mid-June 2025, possibly extending to a rally phase by September. However, they caution about a sharp selloff if XRP fails to maintain crucial support thresholds.
Separately, another analyst predicts an ambitious long-term target of $27 for XRP pending approval of an XRP spot ETF by the SEC, whose chances have risen to 87% on Polymarket due to favorable regulatory sentiment. Such approval could usher in massive inflows, with JPMorgan estimating over $8 billion in the initial year. Ripple Labs is actively pursuing dominance in cross-border payments, aiming to leverage the probable end of its SEC lawsuit to expand partnerships.
Nonetheless, there are risks of price compression or reversal if XRP breaks below the $1.93 support level as indicated by descending triangle patterns, which could push the price under $1.00.
Investors are advised to monitor these developments carefully and consider the ongoing volatility in the market as the Ripple-SEC case status report deadline on June 16 approaches. The broader crypto market also shows signs of a modest recovery, with Bitcoin gaining over 1% and overall capitalization reaching $3.31 trillion.