XRP price has been in a bearish consolidation phase as investors in the Ripple community consider the impact of the recent Bybit hack. Despite the selloff, XRP has maintained its price above $2.5. According to More Crypto Online, the coin remains neutral and indecisive, deviating from the expectation of reaching $250 in the long term.
The current XRP price is trading within a tight range, holding above the $2.47 invalidation point. The coin is currently trading at $2.592, down by 0.63% in the past 24 hours. Despite the recent setbacks, the bullish structure of XRP remains intact. However, the coin has not shown significant movement to break above the resistance level at $2.8, indicating a potential bearish scenario in the coming days.
Analysts have identified two key price levels for traders to monitor, including the $2.47 invalidation level and the $2.75 breakout zone. Breaching these levels could lead to further price drops or a rally for XRP. The $250 price target for XRP, as predicted by market analyst XRP Captain, remains ambitious but is based on the rapid accumulation of the coin by Ripple whales.
One of the factors that will influence the future price of XRP is the outcome of the Ripple Labs versus SEC lawsuit. The dismissal of the lawsuit between Coinbase and the SEC has raised optimism within the community for a similar outcome in the Ripple Labs case. Additionally, the potential approval of an XRP ETF could have a significant impact on the coin’s price, despite the recent hacking incident and current consolidation.
In conclusion, XRP price has remained rangebound and indecisive in the face of recent market developments. While the $250 price target may seem ambitious, factors such as regulatory clarity and institutional adoption could drive the coin’s price higher in the future. Traders are advised to monitor key price levels and stay informed about developments in the Ripple community and the broader cryptocurrency market.
