XRP is approaching a key resistance level at $2.30 amid growing support from institutional and retail markets.
The attention surrounding the token has increased after reports that Elon Musk plans to adopt RippleNet as the payment infrastructure for X Payments. This will potentially replace the legacy SWIFT system.
As the legal dispute between Ripple Labs and the SEC nears a June deadline, market participants are watching for price action and court developments.
XRP Moves Closer to Breakout as Key Price Levels Hold
XRP is trading at $2.17, according to data from CoinGecko. The price has dropped by around 2.2% over the past 24 hours but remains above the $2.07 support level noted by analysts.
Egrag Crypto, a market analyst, stated that a daily close above $2.30 would validate a double-bottom pattern. The 21-day exponential moving average (EMA) on Egrag’s 3-day chart has also become a reference point for confirming bullish momentum.
The analyst emphasized that the double-bottom formation remains intact as long as XRP does not record three daily closes below $2. Egrag noted that the key indicator now is to avoid three consecutive daily closes below $2, which would signal potential structural failure.