XRP is Gaining Momentum, Driven by Improving Technical Indicators

Ripple's native token, XRP, has been consolidating within a descending triangle formation since reaching a seven-year high of $3.40 on January 16.

Recently, there has been increasing interest in XRP price predictions as the token shows signs of momentum. This is being driven by improving technical indicators, the recent acquisition of a Dubai license by Ripple, and the potential outcome of its ongoing legal battle with the SEC. As such, some analysts are suggesting that XRP could be breaking out of a classic chart pattern, which could lead to significant price gains in the near future.

XRP Chart Signals a Potential 46% Surge

As seen on the chart, XRP has been consolidating in a descending triangle formation since reaching a seven-year high of $3.40 on January 16.

Finding support around the $2.00 level, XRP has been forming higher lows over the past four days, which indicates bullish pressure towards the upper trendline at $2.30.

Currently, XRP is testing the upper resistance at $2.30. According to analysts, a daily close above this level could pave the way for an upward move toward the psychological resistance at $3.00. A breakout above this level could further propel the price toward the next major resistance at $3.27 and eventually retest the multi-year high of $3.40, presenting a potential 30% to 46% increase from current levels.

Prominent crypto analyst CrediBull Crypto has highlighted that any pullback below $2.00 presents an ideal buying opportunity, with a profit target set around $3.40.

Another crypto analyst, FXStreet’s Mohsin Rizvi, has also noted the potential for a breakout from the descending triangle, which could propel XRP to reach the 50% Fibonacci level at $2.94 or even the 61.8% Fibonacci level at $3.27. A breakout above this resistance could open the door for a continuation of the bull trend, setting the stage for a potential rally to retest the 2021 high of $3.40.

As XRP bulls anticipate potential gains, investors will be closely monitoring whether the token can sustain its upward momentum and pierce through key resistance levels. A breakout from the descending triangle could ignite the next leg of the bull market, paving the deposits for more significant price rallies in the coming months.

Ripple Secures Dubai License

As reported by The Bit Journal, Ripple successfully obtained regulatory approval from the Dubai Financial Services Authority (DFSA) on March 13. This milestone allows the company to offer regulated crypto payment services in the UAE.

The company is now able to provide its services through its wholly-owned subsidiary, Ripple Dubai, which is fully licensed and authorized by the DFSA to operate in the Dubai International Financial Centre (DIFC).

This development opens up opportunities for Ripple to capitalize on the country’s $40 billion remittance market and $400 billion international trade sector. It also positions the company as a key player in the UAE’s digital currency ecosystem.

Following the announcement, XRP’s price surged from $2.21 on March 11 to $2.34, reflecting a 6% increase fueled by market optimism.

Crypto commentator Vincent van Code highlighted on X that “Ripple’s DFSA license in Dubai’s DIFC is a game-changer.”

He explained that it positions Ripple as a leading company in the UAE’s cross-border crypto payment services industry, and this development could unlock great potential for XRP and boost blockchain adoption.