XRP is gaining momentum, driven by improving technical indicators, Ripple’s newly acquired Dubai license, and the potential outcome of its ongoing legal battle with the SEC. Analysts predict that the token could break out of a classic chart pattern, potentially leading to significant price gains in the near future.
XRP Chart Signals a Potential 46% Surge
Ripple’s native token, XRP, has been consolidating within a descending triangle formation since reaching a seven-year high of $3.40 on January 16. Finding support around the $2.00 level, XRP has been forming higher lows over the past four days, indicating bullish pressure towards the upper trendline at $2.30.
Currently, XRP is testing the upper resistance at $2.30. Analysts suggest that a daily close above this level could pave the way for an upward move toward the psychological resistance at $3.00. A breakout above this level could further drive the price toward the next major resistance at $3.27 and eventually retest the multi-year high of $3.40, representing a potential 30% to 46% increase.
Prominent crypto analyst CrediBull Crypto has pointed out that any pullback below $2.00 presents an ideal buying opportunity, with a profit target set around $3.40.
Ripple Secures Dubai License
As reported by The Bit Journal, Ripple successfully obtained regulatory approval from the Dubai Financial Services Authority (DFSA) on March 13. This milestone allows the company to offer regulated crypto payment services in the UAE, opening doors to the country’s $40 billion remittance market and $400 billion international trade sector.
Following the announcement, XRP’s price surged from $2.21 on March 11 to $2.34, reflecting a 6% increase fueled by market optimism. Crypto commentator Vincent van Code noted on X that “Ripple’s DFSA license in Dubai’s DIFC is a game-changer,” emphasizing that it positions the company as a leader in the UAE’s cross-border crypto payment sector. He further added that this development could unlock significant potential for XRP, boosting blockchain adoption and driving growth in the global financial ecosystem.
As XRP bulls prepare for potential gains, investors will closely monitor whether the token can break key resistance levels and sustain its upward momentum.
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Read More: XRP Bulls Gearing Up: Key Levels Identified by Analysts“>XRP Bulls Gearing Up: Key Levels Identified by Analysts
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