XRP (XRP) price has recovered by almost 30% in the last two weeks

The cryptocurrency's rebound is also occurring inside the confines of a classic bullish continuation pattern, promising further gains in the coming weeks.

The price of XRP has recovered by almost 30% in the last two weeks, benefitting from a broader crypto market rebound and the pending conclusion of Ripple’s long-running legal battle against the US Securities and Exchange Commission (SEC).

XRP/USD daily price chart. Source: TradingView

This recovery is also unfolding inside the confines of a classic bullish continuation pattern, which hints at further gains in the coming weeks.

Symmetrical triangle puts 75% rally in play

XRP’s bullish technicals come into play as it forms what appears to be a symmetrical triangle pattern.

A symmetrical triangle is considered a classic bullish continuation setup that occurs after the price consolidates inside a range formed by converging trendlines following a strong uptrend.

As a rule of technical analysis, the setup resolves when the price breaks above the upper trendline, potentially rising as high as the length of the maximum distance between the upper and lower trendlines.

XRP/USD weekly price chart. Source: TradingView

As of March 21, XRP bounced after testing the triangle’s lower trendline, setting it up for a possible move toward the upper trendline— around the apex point at the $2.35 level—by April. The ultimate target for this possible breakout is $4.35 by June, up 75% from the current price levels.

Conversely, a drop below the lower trendline could invalidate the bullish setup, setting XRP on the path toward $1.28. The bearish target is obtained by subtracting the triangle’s maximum height from the potential breakdown point at $2.35.

The bullish technical setup develops in line with a recent flurry of positive events around Ripple and XRP.

Most notably, the cryptocurrency climbed by as much as 7.85% to reach $2.41 on March 21, two days after the SEC dropped its appeal against Ripple.

This rally furthered after crypto exchange Bitnomial voluntarily dismissed its lawsuit against the SEC before launching the first CFTC-regulated XRP futures in the US.

Futures contracts allow traders to speculate on XRP’s price without directly holding the asset, increasing overall market activity. This deepens liquidity, reducing slippage and making it easier to sell large trades.

However, according to crypto lawyer John Deaton, there is still a legal setback that could affect the price of XRP. This is the ruling by Judge Analisa Torres to block an injunction that would have allowed Ripple to sell XRP to institutional investors.

He told Cointelegraph that the decision could limit the company’s ability to distribute the token to financial institutions and banks.