XRP rose 10% on bullish technicals, ETF hopes, and an upcoming SEC update. A positive June 16 report could push prices higher, while a negative one may drop them back to $2 support.
Over the past weekend, XRP surged nearly 10%, climbing from Friday’s low near $2.10 to peak at around $2.30 by Sunday—its strongest weekend rebound in weeks.
As of Monday, June 9, XRP is trading near $2.23–$2.26, retreating slightly (~1.5%) from its highs but maintaining most of the weekend’s gains.
Technical Setup & Market Momentum
XRP’s recent price action formed a double‑bottom pattern at ~$2.10, closely aligned with the 200‑day EMA, a key technical support. Additionally, a tight falling wedge or triangle pattern since early 2024 now faces potential breakout, with last weekend’s rally pushing price above the upper trendline.
Derivatives data show open interest surged to nearly $5 billion over the weekend, hinting at mounting speculative positioning and possibilities of short squeezes.
Fundamental & Regulatory Catalysts
A pivotal driver is the upcoming SEC settlement status report, due June 16, following a joint request between Ripple and the SEC. Market sentiment leans bullish—if the report signals a favorable settlement or case pause, it could remove a major overhang.
Institutional optimism is also visible: odds of an XRP spot ETF filing have climbed to ~88%, and chatter around CME futures and crypto index inclusion add further support.
Outlook & Forecasts
Technically, resistance around $2.50–$2.65 looms next; a breakout could propel XRP to $3.00, then $3.30 in the medium term, according to Bitget.
Investing Haven predictions point to even loftier targets—from $5–$8 if catalysts align, to ultra‑bullish scenarios of $10–$27+ by late summer.
Conversely, a negative turn on the SEC front could drag XRP back toward $2.00–$2.05 support.
Conclusion
XRP’s weekend 10% gain reflects a convergence of strong chart patterns, heightened institutional positioning, rising ETF optimism, and a looming June 16 legal milestone.
While today’s modest pullback is typical after sharp moves, the technical setup supports a short‑term advance toward $2.50–$2.65, with the next breakout potentially fueling a rally into the $3+ range.
But investors should stay alert—if the SEC update disappoints, XRP could quickly retreat to its $2.00–$2.10 base.
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