Key Notes
- XRP price has shown resilience in the face of a broader crypto market selloff, gaining 5% over the past week.
- Ripple Labs' prolonged legal battle with the SEC has sparked speculation of a settlement under the Trump administration.
- Analysts point to bullish patterns, including a possible cup-and-handle breakout, that could drive XRP to $3.35 in the near term.
Despite the broader crypto market selloff pressure, XRP price XRP $2.50 24h volatility: 4.7% Market cap: $144.48 B Vol. 24h: $4.30 B has been showing strength with 5% weekly gains and flirting around $2.60 levels. Furthermore, the entire XRP community is cheering as Elon Musk’s Department of Government Efficiency (DOGE) has set its eyes on the US Securities and Exchange Commission ( SEC ) as it reviews several government agencies’ performance. In its message on the X platform, the official DOGE SEC handle noted :
“DOGE is seeking help from the public! Please DM this account with insights on finding and fixing waste, fraud and abuse relating to the Securities and Exchange Commission.”
This development was enough to activate the XRP community which has been dealing with SEC’s regulatory crackdown for some while. Market analysts have started turning optimistic for an XRP price rally with the hope that Elon Musk’s DOGE exposes SEC inefficiency.
As we know, DOGE is a temporary independent agency led by Elon Musk formed with the goal of educing excessive regulations, eliminating wasteful spending, and streamlining the restructuring of federal agencies.
On the other hand, XRP’s parent firm Ripple Labs has been in a long-drawn battle with the US SEC for over four years. Analysts believe that the lawsuit settlement will finally happen under the Donald Trump administration thereby clearing the way for a spot XRP ETF approval by the end of 2025.
XRP Price to $3.0 Soon in the Near Term?
Earlier this week, crypto analyst Ali Martinez also noted the possibility of a bullish outcome if XRP confirms a cup-and-handle pattern. A successful breakout from this formation could pave the way for a significant rally, potentially driving XRP’s price toward the $3.35 mark.
Source: Ali Charts
Crypto analyst EGRAG Crypto has shared insights into short-term XRP price trajectory, outlining potential targets depending on its movement within a trading channel.
Source: EGRAG Crypto
The analyst suggested potential breakout scenarios:
- Upside Target: If XRP breaks above the current channel, the next targets are $4.20, followed by a Fibonacci 1.618 level around $5.00.
- Downside Target: A bearish breakout could push XRP down to approximately $1.80, with a margin of error of ±10%.
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