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- XRP is trading at $2.09, down 0.70% today but up 5.27% this week.
- Trading volume is $2.91 billion, down 9.78% in 24 hours.
- Analysts see a possible breakout by late April, with Wave 3 predictions pointing to $6.50 or higher.
XRP is showing resilience despite short-term price drops. It now trades at $2.09, slipping slightly by 0.70% over the last day. The past seven days, however, tell a different story. The token rose 5.27%, showing that there is still power in its trend. However, activity has slowed down a little. The daily trading volume reduced to $2.91 billion, down by almost 10% from the previous day.
On the chart, $2.10 seems to be a good support. Analysts are looking at $2.14 as the next level to try to test. Short-term momentum remains in play. Most feel a breakout can develop if supportive price points hold or even improve by the end of the week.
XRP Holding Support, Eyeing $2.24 Break
Cryptocurrency analyst CasiTrades is still positive. His technical analysis, by Elliott Wave theory, indicates the completion of a corrective phase. According to him, XRP is nearing the conclusion of Wave 2. The $1.90 support level has been holding so far. If XRP doesn’t descend further to $1.55, then Wave 3 may start very shortly.
That next wave may be threatening. CasiTrades sets targets of $6.50 to $12, using Fibonacci levels. These are not nonscientific estimates but are based on commonly accepted technical models. But for that to be possible, XRP has to break and hold over $2.24, the next big resistance. If so, the chances of lower dips diminish.
The analyst feels the correction is nearly finished. Whether the bottom is in or yet to occur, he expects a strong window in April for an upside move. After Wave 3 begins, the process won’t be taking months but may only span a few weeks.
Ripple and SEC Enter Settlement Talks
Away from the charts, XRP has more in its favor. Ripple and the SEC suspended their appeals to initiate formal settlement negotiations. That move, made on April 10, marks a change of tone. The appointment of a more crypto-friendly SEC Chair, Paul Atkins, a day earlier, only lends credence to the timing.
If the lawsuit concludes shortly, the ruling may pave the way for an XRP ETF. Bitwise, Grayscale, and ProShares, among other companies, are already looking. Legal clarity would also bring in institutionally held capital that has been held back so far.
Today, April 16, is key. Ripple doesn’t need to respond to earlier legal filings. That’s because both sides agreed to hold off. Many believe this day could mark a turning point. If a settlement is reached, XRP’s price could rally fast. If not, uncertainty may weigh it down again.
Related Reading: Peter Schiff Declares Bitcoin Dead as Gold Smashes $3,300 Record
