XRP Price Surges Back Above $2, Targeting $2.83 as Resistance Fades

XRP, the fourth-largest cryptocurrency by market capitalization, has surged back above the $2 mark. After resistance from a market-wide decline, XRP managed to recover the former price level.

XRP, the fourth-largest cryptocurrency by market capitalization, has risen back above the $2 mark after a period of resistance from a market-wide decline that saw the cryptocurrency slip below the former price level.

As seen on CoinMarketCap, XRP currently trades at a value of $2.15 and maintains a total market capitalization of $124.04 billion.

Exchanges May Expand XRP Trading As Legal Uncertainty Fades

Market sentiment growth, together with increased investor belief, has contributed to the recent price increase in XRP values. The resolution of the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple could bring necessary regulatory aspects into clarity for investors.

Experts have stated that the lawsuit settlement will not likely result in a huge price increase for XRP. Long-term XRP expansion depends on how well businesses adopt it and how effectively it forms partnerships and provides practical usage scenarios in the real-world.

The market activity of XRP should increase as legal ambiguities surrounding the company disappear. The XRP trading capabilities of major exchanges Coinbase and Kraken should grow along with Binance.US considering the readdition of XRP trading to their platform.

Better market liquidity, enhanced by new industry developments, would bring in retail and institutional investors that could trigger a higher price increase.

Chart Pattern Implies More Uptrend

XRP currently displays a broadening wedge pattern on its charts according to technical analysis, which implies that price movements could continue. Crypto analyst EGRAG Crypto gave a prediction on the X account, advising investors to display patience as XRP holders.

He further stated that investors will likely regret getting a lower amount of a cryptocurrency when they could have waited for a lower price. A chart shared by the analyst showed that XRP is slowly approaching a key resistance zone.

If the cryptocurrency manages to break through this zone, it could continue rising to the next resistance level, which is around $2.83. At the same time, crypto traders will likely regret getting a lower amount of XRP when they could have waited for a lower price.

XRP traders are keeping an eye on the cryptocurrency’s ability to break through multiple resistance levels to start a bullish trend that will ultimately take the cryptocurrency to $2.83.

Beginning at $2.36, there are multiple resistance levels that need to be surmounted to set XRP on a path toward bullish momentum.

In the meantime, those mariners in the market should keep an eye on essential support zones and observe how the cryptocurrency performs.

If the cryptocurrency fails to maintain itself above these levels, then it could create space for additional price declines.