XRP price has continued its bearish consolidation as Ripple community investors continue to weigh the impacts of the recent Bybit hack. Against some visible trends, XRP has maintained its price drawdown but has stayed above the $2.5 mark despite the massive selloff. In light of this crypto technical analysis platform, More Crypto Online, the coin remains neutral and indecisive. This outlook has introduced a major twist in the expectation that the coin could hit $250 in the near long term.
XRP Price Trading Within Very Tight Range
According to an update on X More Crypto Online, XRP remains rangebound, holding above the invalidation point at $2.47. At the time of writing, the coin was changing hands for $2.592, down by 0.63% in the past 24 hours. The coin has moved from a low of $2.512 to a high of $2.597 before settling at the current level.
Per the analytical platform, the bullish structure of XRP remains technically intact despite the latest offsets. However, the current outlook shows the coin has not made a major move to break above the resistance point at $2.8. This implies the coin will likely see the bearish scenario play out for a few more days.
The analysis outfit issued two primary price levels for traders to watch. This includes the $2.47 invalidation level and the $2.75 breakout zone. Breaching these two levels can imply a further dropdown or rally for the coin.
Is the $250 Price Target Still Feasible?
In an earlier XRP price analysis, CoinGape reported that market analyst XRP Captain predicted the coin may hit $250 between now and 2026. This forecast is hinged on the premise that Ripple whales were accumulating the coin rapidly.
While analysts are generally optimistic regarding Ripple, this is by far the most ambitious projection for the coin. As reported earlier, the influence of the coin’s supply was showcased as a major bane toward achieving this massive projection.
However, the environment remains promising, considering the pro-crypto outlook of the United States government.
Ripple Lawsuit Impact
Bringing the Ripple Labs versus United States Securities and Exchange Commission (SEC) lawsuit is key to the future of the XRP price. Earlier, Coinbase and the US SEC agreed to dismiss their lawsuit, which is pending the commission’s approval. The community is optimistic that the Ripple Labs lawsuit will be the next in line to be dismissed.
Beyond this, the impact of the potential XRP ETF approval on the coin’s price is also profound. Despite the effects of the Bybit hack and the current consolidation, the optimism for a massive breakout is high.
The post Analyst Reveals Two XRP Price Levels To Watch, Is $250 Target Still Possible? appeared first on CoinGape.
