XRP News Today: XRP Surges 1.84% Approaching Key $2.33 Resistance Level

XRP, the cryptocurrency associated with Ripple, is currently experiencing a bullish trend, with its price approaching a critical technical level that could signal a significant price movement. On-chain analyst Ali has identified that XRP is showing signs of an impending breakout, which could have substantial implications for both short-term traders and long-term holders.

Ali has highlighted the $2.33 resistance level as a key breakout zone. According to Ali, a sustained move above this level could pave the way for a rally to $2.60, indicating a potential surge in upward momentum. This breakout could propel XRP toward $2.60 and eventually $3.00. However, if the price is rejected or experiences a fakeout, the $2.00 level provides strong near-term support.

At the time of writing, XRP was up 1.84% in the last 24 hours, trading at $2.26. With XRP approaching this breakout zone, market participants are closely watching whether bulls can break through the $2.33 level, which is around the daily Simple Moving Average (SMA) 200. This level could determine XRP's trajectory in the coming weeks.

Optimism surrounding XRP is further fueled by the expectation that it will launch as a spot ETF in the U.S. According to analysts, the possibility of the SEC approving a spot XRP ETF is currently 95%, making it almost a certainty. This development could significantly boost market sentiment and drive further price appreciation.

Ripple, the fintech company that uses XRP to facilitate cross-border transactions, recently announced that it has applied for a national banking license with the Office of the Comptroller of the Currency (OCC). This move could enhance Ripple's regulatory standing and potentially open up new opportunities for XRP.

The XRP/BTC pair, which represents XRP's Bitcoin-denominated price, may also be on the rise after breaking out of a falling wedge formation. The falling wedge is a bullish reversal pattern characterized by two converging trendlines that indicate a narrowing price range. This pattern suggests that the pullback from the April highs has concluded, and the overall XRP bullish trend has resumed.