XRP is gearing up for a potential breakout, with bullish indicators suggesting gains of up to 46%. This comes as Ripple secures a major regulatory license in Dubai, a move that could significantly boost adoption and market confidence. Additionally, the long-standing SEC lawsuit appears to be nearing a conclusion, further fueling optimism among investors.
XRP’s Technical Setup Hints at a Breakout
XRP has been consolidating within a descending triangle pattern since peaking at $3.40 on January 16. Recently, the token found support at the $2.00 level and has been forming higher lows, signaling growing buying pressure.
Currently, XRP is testing its upper trendline at $2.30. A decisive daily close above this resistance could pave the way for a rally toward the psychological barrier at $3.00. If bullish momentum persists, the price may target key resistance levels at $3.27 and $3.40, representing gains between 30% and 46%.
Crypto analyst CrediBull Crypto notes that XRP’s recent dip below $2.00 provided an ideal accumulation opportunity, with profit targets set around $3.40.
Ripple Gains Regulatory Approval in Dubai
On March 13, Ripple announced it had received regulatory approval from the Dubai Financial Services Authority (DFSA), allowing it to offer regulated crypto payment services in the UAE.
This milestone positions Ripple to capitalize on the UAE’s booming financial sector, including its $40 billion remittance industry and $400 billion international trade market.
Commentator Vincent van Code emphasized the importance of this approval, calling it a “game-changer” that could accelerate XRP adoption and solidify Ripple’s presence in the region’s regulated crypto payments sector.
SEC Lawsuit Nears Resolution
The ongoing legal battle between Ripple and the SEC, which began in 2020, may finally be approaching its conclusion. A judge’s ruling in July 2023 determined that XRP is not a security in retail sales, though Ripple was fined $125 million for institutional violations.
Recent reports suggest that both Ripple and the SEC are considering dropping their appeals, with the regulator shifting its enforcement priorities. Fox Business reporter Eleanor Terret noted that the new SEC leadership may be taking a more lenient stance on crypto firms, potentially paving the way for a favorable resolution.
With technical indicators aligning for a breakout, regulatory progress in Dubai, and a possible resolution to the SEC lawsuit, XRP is positioned for a significant rally. If bulls manage to push the price past key resistance levels, a 46% surge could soon become a reality.
