XRP Holds Above $2.5 Despite Bybit Hack, $250 Target in Doubt

XRP, the native cryptocurrency of the Ripple network, has been consolidating in a bearish trend following the recent Bybit hack. Despite the selloff, XRP has managed to stay above the $2.5 mark, maintaining a neutral and indecisive outlook according to crypto technical analysis platform More Crypto Online. This outlook has raised questions about the feasibility of the coin hitting a $250 target in the near long term.

As of now, XRP is trading within a very tight range, holding above the invalidation point at $2.47. The coin is currently changing hands for $2.592, down by 0.63% in the past 24 hours. It has moved from a low of $2.512 to a high of $2.597 before settling at the current level. The bullish structure of XRP remains technically intact, but the coin has not made a major move to break above the resistance point at $2.8. This suggests that the coin may continue to see a bearish scenario for a few more days.

More Crypto Online has identified two primary price levels for traders to watch: the $2.47 invalidation level and the $2.75 breakout zone. Breaching these levels could imply a further dropdown or rally for the coin. Meanwhile, market analyst XRP Captain previously predicted that the coin may hit $250 between now and 2026, hinging on the rapid accumulation of the coin by Ripple whales. However, the influence of the coin's supply has been highlighted as a major obstacle to achieving this ambitious projection.

The outcome of the Ripple Labs versus United States Securities and Exchange Commission (SEC) lawsuit is key to the future of the XRP price. The community is optimistic that the lawsuit will be dismissed, following the agreement between Coinbase and the US SEC to dismiss their lawsuit. Additionally, the potential approval of an XRP ETF could have a profound impact on the coin's price, despite the effects of the Bybit hack and the current consolidation. The optimism for a massive breakout remains high.