Crypto analyst Ali Martinez observed that XRP may be carving out an inverse head and shoulders pattern, signalling a possible rally toward $2.70.
This chart formation often hints at a reversal from downtrend to uptrend, and Martinez believes XRP’s technical setup could unlock gains if it holds above key support.
XRP’s Price Actions
At the time of Martinez’s chart call, XRP traded at $2.26, up 8% in 24 hours. Its market capitalisation reached $132.32 billion, while trading volume climbed 132%. These spikes reflect growing interest as traders position for a potential breakout.
Ripple Legal Case Looms Large
Investors are awaiting a resolution in the long-running Ripple lawsuit. Chair Paul Atkins is expected to steer the case toward a settlement after Judge Analisa Torres delivered her final ruling.
Should the SEC drop its appeal, XRP-spot ETFs could gain rapid approval. The clearance of these funds would likely draw fresh capital into XRP markets and drive prices to new highs.
Also Read: Coinbase Files To List XRP Futures Amid Legal Clarity On XRP As An Asset
Now, as the Ripple and SEC case is pit to hold, the entire crypto community watches closely as to what the outcome of this more than 4 years long case will be, as this can be an example for many similar future cases in the crypto industry.
ETF Application Backlog
Bloomberg Intelligence’s Eric Balchunas noted that 72 crypto-related ETF applications remain pending at the SEC. The list spans major tokens like XRP, Litecoin, and Solana, all the way to themed funds covering meme coins and niche strategies.
Martinez stressed that XRP sits at a critical juncture. Maintaining a foothold above the $2 mark is essential for any meaningful advance. A failure to do so could invalidate the bullish pattern and invite further consolidation. Traders will watch volume and price action closely in the coming sessions.
Community Sentiment
The prospect of ETF approval has energised supporters. Social media is awash with speculation about record highs for XRP once retail and institutional funds can easily access the token. Optimism is high but tempered by lingering regulatory uncertainty until the legal chapter closes.
With technical indicators aligning and the Ripple case nearing its end, XRP finds itself at a crucial moment. A confirmed breakout above the neckline of the inverse head and shoulders pattern could usher in a surge toward $2.70.
Yet, the path forward hinges on regulatory clarity and the SEC’s next steps. As the ETF application queue looms large, all eyes remain on the potential catalysts that could spark the next leg up for XRP.
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