XRP News Today: XRP Surges 30% Mirroring 2017 Breakout Structure

XRP, the cryptocurrency associated with Ripple, has recently mirrored its 2017 breakout structure, leading analysts to speculate that the price could potentially return to $3. This development has sparked interest and optimism among investors and market observers.

The 2017 breakout structure refers to a period when XRP experienced significant price appreciation, driven by increased adoption and market enthusiasm. The current price action of XRP has shown similarities to this historical pattern, with the cryptocurrency demonstrating strong upward momentum. Analysts have noted that if XRP continues to follow this trajectory, it could reach the $3 mark, which would represent a substantial increase from its current valuation.

XRP is showing renewed momentum as it trades at $2.28, with bullish indicators pointing toward a potential breakout. Recent developments in ETF approvals and key chart patterns are increasing optimism around its price movement. The structure resembles a previous cycle, which many believe could signal another strong upward trend.

According to an analysis prepared by Coinvo, “History doesn’t repeat but it often rhymes,” suggesting XRP’s current market movement is similar to the 2017 cycle. During that period, XRP formed a breakout, retested a key support zone, and then rallied to new highs. The ongoing price structure now shows similar conditions.

The token has bounced off the $2.16–$2.18 area, which is widely viewed as a crucial support zone. XRP briefly rose to $2.32 before retracing to the 0.382 Fibonacci level near $2.22. Holding this zone keeps the bullish structure intact and allows for a continuation of the upward trend.

If XRP maintains support above $2.16 and reclaims $2.25, chart targets of $2.69 and $3.04 become more likely. Technical patterns, such as the inverted head and shoulders, are also forming, indicating potential reversal and continuation of bullish momentum. The RSI remains in a favorable zone, supporting upward movement.

XRP’s inclusion in the Grayscale GDLC fund, which allocates 4.8% to the token, may support its upward trajectory. With SEC approval, this marks a turning point in institutional access to XRP. A similar Bitwise ETF deadline is expected by July 31. This may add further momentum to the asset. At the same time, XRP has shown an inverted head and shoulders pattern, which is often seen before trend reversals.

Technical indicators like the RSI also support bullish sentiment. Analysts now focus on $2.48 as a short-term target. If buying pressure resumes, a rally toward $3 and even new all-time highs remains possible.

The potential for XRP to reach $3 is based on several factors. Firstly, the cryptocurrency has been gaining traction in the global payment ecosystem, with Ripple's partnerships with financial institutions and banks facilitating cross-border transactions. These partnerships have enhanced the utility of XRP, making it a more attractive option for investors and users alike.

Additionally, the legal victory of Ripple over the Securities and Exchange Commission (SEC) has provided a significant boost to market confidence. The court ruling has clarified the regulatory status of XRP, reducing uncertainty and paving the way for further adoption and investment. This legal clarity has been a key driver of the recent price appreciation and could continue to support XRP's upward trajectory.

Furthermore, the approval of a spot XRP exchange-traded fund (ETF) would significantly increase demand for the cryptocurrency. A spot ETF would make XRP more accessible to traditional investors, potentially attracting a broader range of participants to the market. This increased demand could drive the price of XRP higher, potentially reaching the $3 mark.

However, it is important to note that the cryptocurrency market is highly volatile, and price predictions should be taken with caution. While analysts' forecasts can provide valuable insights, they are not guarantees of future performance. Investors should conduct their own research and consider multiple factors before making investment decisions.

In conclusion, the recent price action of XRP, coupled with its historical breakout structure, has led analysts to speculate that the cryptocurrency could potentially reach $3. This prediction is supported by increased adoption, legal clarity, and the potential approval of a spot ETF. However, investors should approach this forecast with caution and consider the inherent risks and volatility of the cryptocurrency market.