XRP’s Bullish W Pattern Signals Potential Surge to $40: Key Levels to Watch

Market analyst EGRAG Crypto has identified a multi-year W pattern forming in XRP's monthly chart, suggesting a potential bullish rally toward $40. Currently trading around $2.2 after months of consolidation between $2 and $2.3, XRP's technical setup indicates a possible trend reversal. The W pattern, a classic technical indicator, began with XRP's 2018 peak at $3.8 and subsequent crash to $0.1050 in March 2020. The 2021 recovery phase further solidified this pattern, hinting at a significant upward trajectory. Investors are advised to monitor key profit-taking levels as the cryptocurrency could be poised for a substantial breakout.

XRP's W Pattern Suggests Potential Rally to $40, Profit-Taking Levels Identified

Market analyst EGRAG crypto highlights a multi-year W pattern forming in XRP's monthly chart, suggesting a possible bullish trajectory toward $40. The cryptocurrency currently trades around $2.2 after months of consolidation between $2 and $2.3.

The W pattern—a classic technical indicator signaling trend reversal—began with XRP's 2018 peak at $3.8 and subsequent crash to $0.1050 in March 2020. A 2021 recovery to $1.96 completed the first leg, with the second now underway. EGRAG advises investors to begin profit-taking before theoretical targets, noting key support and resistance levels.

XRP Tests Key Resistance Amid Bullish Sentiment

XRP has surged toward the $2.31-$2.32 resistance level, a critical barrier tested three times in the past month. A decisive breakout could propel the token toward $3, with $2.35 acting as a springboard for a rapid ascent to $2.56.

Market observers note growing Optimism among holders, fueled by technical momentum and broader crypto sector tailwinds. Long-term proponents like Vincent Van Code project ambitious targets of $30-$50, though timelines remain unspecified.

Ripple's IPO Speculation Fuels XRP Price Surge Amid Market Volatility

XRP's price action has become a focal point for traders, with the cryptocurrency holding steady above the $2 mark amid renewed speculation about a potential Ripple IPO. The token recently surged to $2.327 before settling at $2.32, showcasing a 5.83% gain in the last 24 hours. Trading volume hit $5.70 billion, reflecting heightened market interest.

Crypto influencer Ansem reignited IPO rumors, drawing attention to Ripple Labs' 36.2 billion XRP escrow valued at $79 billion. Technical indicators reveal a bullish trend line forming NEAR the $2.20 support level, with resistance looming at $2.280. A break above this level could propel XRP toward $2.45, while failure to hold $2.20 may trigger a deeper correction.

The market cap now stands at $136.73 billion as XRP outperforms many major assets. Mixed signals from the MACD and RSI suggest near-term consolidation before the next decisive move. Traders are watching for either a breakout above $2.32 or a breakdown below $2.18 to determine the next major trend.

SEC Appeal Dismissal in XRP Lawsuit May Take Weeks, Says Ex-Official

The XRP lawsuit remains unresolved as the SEC has yet to vote on dismissing its appeal. Ripple has already withdrawn its appeal, but the final court order cannot take effect until both parties complete formal procedural steps.

Former SEC attorney Marc Fagel notes the dismissal process could span several weeks, contingent on court and agency schedules. A recent July 3 SEC meeting fueled speculation, but experts confirm it was a routine session unrelated to the XRP case.

The legal limbo continues with no definitive timeline. Market participants await the SEC's next move, which will determine when this protracted litigation reaches its conclusion.

XRP News Today: SEC Dismissal Vote Looms as Ripple Case Nears Potential Resolution

The decade-long legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues to grip the XRP community, despite Ripple's recent decision not to appeal. Market participants initially interpreted this MOVE as a positive signal, triggering a 5% price surge for XRP. However, the gains proved ephemeral as uncertainty persists regarding the SEC's next steps.

Legal experts caution that the dismissal process is far from instantaneous. Former SEC attorney Marc Fagel notes the regulatory body must first conduct an internal vote to approve the appeal's dismissal, followed by formal paperwork submissions from both parties. This procedural complexity suggests final resolution may require several weeks—or longer—despite community hopes for a swift conclusion.

All eyes now turn to the SEC's July 3 meeting, where the commission could potentially vote to drop its appeal. The outcome remains uncertain, but a favorable decision WOULD cement last year's district court ruling that XRP sales on secondary markets do not constitute securities offerings. Market volatility is expected to persist until official confirmation emerges.

Ripple CTO Reveals Early XRP Development Artifacts, Sparking Community Engagement

Ripple's Chief Technology Officer David Schwartz has unveiled a rare glimpse into XRP's foundational codebase, sharing an unpolished commit tree from the project's earliest days. The visual artifact—described as "carefully chosen to look as bad as possible"—shows the chaotic development process behind one of crypto's most contentious protocols.

The revelation came during a Twitter exchange about Schwartz's social media banner, where community suggestions led to the unexpected technical disclosure. The multi-colored commit diagram offers developers tangible evidence of Ripple's iterative building process, contrasting with the blockchain's current enterprise-grade image.