XRP News Today: XRP Consolidates at $2-$3 Range Amid SEC ETF Review and Technical Signals

XRP, the digital currency associated with Ripple, has been trading within a narrow range between $2 and $3 since December 2024, marking a period of six months of sideways movement. This consolidation phase has led analysts to speculate on the potential for a breakout, with some predicting significant price movements if certain technical patterns are validated.

Analysts have observed certain technical indications that predict a change. The earlier period of consolidation in the stock market may soon end. Mergers like this are common once a strong rally has formed. Last November, the price of XRP jumped by 480%, almost reaching $3. After that, it has stayed in a narrow zone, building stress for its next direction.

Besides technical analysis, there are also notable advancements happening. The SEC is now reviewing the request for the first U.S. spot XRP ETF. This fund would follow XRP’s price according to the CME CF Ripple-Dollar Reference Rate. Although the SEC has the right to take up to 240 days, a current review of the application shows that things are moving in the right direction. The SEC has made it clear that it welcomes public input on this subject.

In addition, XRP appears to be on stronger ground when its performance is measured against crude oil. Market watcher believes XRP is holding up well. He believes that if the upper limit of the range is passed, it would confirm that XRP is experiencing a new rally. He ignores temporary declines, believing the market will eventually recover and reach new highs.

Ripple has played an additional role with their new stablecoin, RLUSD which has gone live on Bitget. Because it uses the XRP Ledger and Ethereum, RLUSD offers developers and users many possibilities. Because Bitget is known for its stablecoin trading, they could also add RLUSD to their savings platform. Should that take place, higher trading volume could strengthen the XRP ecosystem.

The support for XRP is strong at $2. Expectations are that if the 4-hour candle closes above $2.26, the cryptocurrency could rise toward a resistance at $2.40. A trading day closing above the trendline could indicate that buyers are in charge. Such a trend might bring XRP close to the $4 level within weeks. The current chart patterns in USD and USOIL back up this idea.

But it is still essential to be careful. Even now, the crypto market depends greatly on Bitcoin. Even if XRP’s price improves, a major correction in BTC might still negatively affect XRP.

Overall, XRP is revealing positive signs that it may soon break out after being stagnant for a long time. Ethereum’s updates, the launch of stablecoins and strong technical signs are all supporting a move in an upward direction. Market uncertainty continues, so all investors should keep watching as things move forward.