- XRP trades within rising channel, supported by multiple SMA levels.
- SEC ends Ripple case, shifting focus to clear crypto regulation.
- Analysts project breakout potential toward $3.40 and $3.80 resistance.
XRP is trading close to its historical peak, attracting attention from both traders and analysts. Market analyst EGRAG CRYPTO said the asset holds a strong position on higher timeframes, even as some traders remain skeptical. Current chart formations suggest room for further gains if momentum continues. Regulatory updates are also adding to market interest.
Technical Outlook and Price Levels
EGRAG CRYPTO described XRP’s setup as “The Bifrost Bridge,” showing movement within a rising channel on the two-week chart. The structure is supported by the 21, 33, 55, and 77 simple moving averages (SMAs).
Key historical resistance zones have been surpassed, with the price now targeting a zone above $2. The analyst noted that sustained momentum could drive a breakout, urging the #XRPFamily to remain steady and patient.
On the daily timeframe, XRPUSDT is priced at $3.2276, reflecting a 1.22% pullback. Price action remains within a broad ascending channel, consolidating above a key trendline support.
A projected path indicates a potential short-term dip before retesting the $3.40 resistance and pushing toward the $3.80 area near the channel’s upper boundary. A break below the trendline could shift sentiment toward $2.80, though the current pattern favors continuation to the upside.
Regulatory Developments and Market Sentiment
SEC Commissioner Hester Peirce, known for her crypto-friendly approach, commented on August 11 about the conclusion of the SEC’s case against Ripple, calling it a “welcome development.” She said the resolution clears the way to focus on building clear regulatory frameworks for cryptocurrency.
Former SEC Commissioner Paul Atkins supported her view, describing this as a chance to direct attention toward policies that encourage innovation while safeguarding investors. He said such a shift would move discussions from courtrooms to constructive regulation.
In a recent interview, Peirce added that the SEC is looking at ways to give retail investors earlier access to growth opportunities. She indicated that this could make cryptocurrency markets, including assets like XRP, more accessible while still ensuring investor protections.
While some traders remain cautious, analysts pointed out that skepticism often persists even when technical structures show strength. EGRAG CRYPTO encouraged investors to remain united and patient as XRP consolidates near its all-time high, with technical and regulatory factors both influencing the asset’s next potential move.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
