XRP News Today: XRP Bullish Amid Crypto Downturn, Ripple's Moves Boost Outlook

The crypto market has experienced a downturn, with major coins trading in the red. Ethereum (ETH) saw a 4% drop, while Bitcoin (BTC) declined by approximately 2%. Other popular altcoins like Solana (SOL) and Dogecoin (DOGE) have taken bigger hits, recording losses between 7% and 8%.

Despite the overall bearish trend, XRP showed signs of a potential bullish play. Trading near $2.13, XRP's chart mirrored the setup from 2017, raising hopes for a breakout if key levels are reclaimed. This pattern suggests that XRP could be positioning itself for a significant upward movement, contrasting with the broader market's negative sentiment.

XRP’s current price behavior is reminiscent of its performance in 2017. Back then, XRP consolidated within a narrow range for 210 days before a dramatic surge took it from approximately $0.60 to over $3.30. In the current market, XRP has been consolidating for 182 days, with the price hovering near $2.20. The chart structure appears strikingly similar to the 2017 setup, raising expectations for a possible breakout if the pattern continues in the same manner.

Between May 30 and 31, XRP experienced unexpected selling pressure, reversing the gains and pushing the price down. It eventually hit the 227% Fibonacci extension at $2.12—a common target for the internal third wave of a corrective structure. The overall crypto market sentiment also played a role. For the first time in weeks, Bitcoin fell below a key trend line, signaling weakness across the market. As a result, XRP struggled to maintain its gains.

For the weekend, a resistance zone between $2.16 and $2.23 has been identified. If XRP remains below this area, the downward pressure is expected to continue. A strong, impulsive break above this range could suggest that a local bottom is in. XRP could find strong support between $2.15 and $2.05. A break above $2.31 would signal a possible shift in structure, but for now, the bearish trend remains in play.

Ripple, the company behind XRP, recently shared a mysterious post on X, stating, “If it’s happening onchain, it’s happening with Ripple.” The post, accompanied by a short video featuring a ticking clock, sparked speculation within the XRP community. This teaser has added to the bullish outlook for XRP, as the community interprets it as a potential announcement of significant developments or partnerships.

The bullish sentiment around XRP is further supported by Ripple's recent acquisition of Hidden Road, a prime brokerage, and the subsequent launch of over-the-counter (OTC) crypto swaps in the U.S. This strategic move has fueled discussions about its potential impact on Ripple’s market position and XRP's value. The acquisition and OTC launch are seen as steps towards enhancing Ripple's liquidity and market presence, which could drive XRP's price higher.

Additionally, the U.S. Securities and Exchange Commission (SEC) has initiated a review of the WisdomTree XRP Trust, a proposed spot ETF designed to provide investors with exposure to XRP without directly holding the token. This development could pave the way for increased institutional investment in XRP, further bolstering its bullish outlook. The SEC's review is a significant step towards potential regulatory approval, which could attract more investors and drive up the price of XRP.

In summary, while the broader crypto market is experiencing a downturn, XRP is quietly setting up a bullish play. The token's chart pattern, Ripple's strategic moves, and the SEC's review of the WisdomTree XRP Trust all contribute to a positive outlook for XRP. If key levels are reclaimed, XRP could see a significant breakout, making it a potential standout performer in the current bearish market.