Ripple Secures Key Licenses as XRP Jumps and Market Confidence Grows

• XRP jumps 12% to $3.11 as Ripple secures key licenses, boosting confidence and signaling further bullish momentum.
• A bull flag pattern suggests another 49% rally if XRP clears $3.40, targeting $4.62 with strong moving average support.
• RSI at 66.59 confirms bullish momentum, while key support at $2.27 and $2.55 must hold to sustain the uptrend.

XRP surges 12% to $3.11 following Ripple’s acquisition of Money Transmitter Licenses in New York and Texas. This strengthens Ripple’s regulatory standing, fueling market confidence. Moreover, a bullish flag pattern signals further upside potential. If confirmed, XRP could rally another 49%, targeting $4.62.

Bullish Pattern Points to More Gains

Besides the recent price jump, XRP formed a bull flag pattern. This setup indicates a consolidation phase before another upward move. The price remains in an uptrend, supported by key moving averages. The 50-day moving average holds strong, reinforcing the bullish momentum. Furthermore, Close behind, offering more support, is the 100-day moving average (blue).

The purple 200-day moving average is still much lower than the current price. This points to a sustained upward trend. The asset’s structure supports an optimistic outlook by matching previous trends. If XRP clears $3.40, the path to $4.62 becomes more likely.

Key Support and Resistance Levels

Immediate resistance lies at $3.40, a level where the price faced prior rejections. If bulls push above this, further upside is expected. On the downside, critical support sits at $2.27. This level previously acted as resistance before flipping to support.

However, if XRP fails to hold above $2.55, a retest of lower zones may follow. The 50-day moving average acts as dynamic support, preventing deep corrections. Additionally, price stability above this moving average confirms bullish strength.

RSI Signals Strong Momentum

The RSI indicator climbed to 66.59, reflecting sustained bullish momentum. It remains above 61.51, reinforcing the uptrend. However, if RSI surpasses 70, overbought conditions may lead to potential pullbacks. Moreover, increased volume during the breakout phase signals strong buying interest. If buyers sustain pressure, XRP could extend its rally. A close above $3.40 would confirm this scenario.

XRP’s price structure remains favorable, backed by strong moving averages and RSI signals. Consequently, a breakout from the bull flag pattern could push prices higher. Market sentiment stays positive as long as key support levels hold.