XRP on the Brink: Will It Break Through or Break Down?

Resistance at $2.45-$2.46: The Make-or-Break Zone

XRP is teetering on the edge of a major breakout, hovering just below the critical resistance zone of $2.45 to $2.46. The crypto has been pushing hard to break through, but so far, it's been a no-go. This price range is like a wall in a larger downward-trending channel, and traders are glued to their screens, waiting for that breakout signal that could flip the short-term trend on its head.

11% Surge and a Fresh Buy Signal: The Bullish Buzz

Over the last week, XRP has rocketed up by 11%, and the vibes are getting more bullish by the minute. On May 10, the crypto world's own Ali Martinez dropped a bombshell: the SuperTrend indicator just flashed a fresh buy signal for XRP. That's right, folks, the SuperTrend, which uses price action and volatility to sniff out trends, has turned bullish. When the price jumps above the SuperTrend level, it's like a green light for buyers, hinting that a new upward trend might be on the horizon. But remember, it's not a crystal ball—just a heads-up.

Symmetrical Triangle and a $15 Dream: The Optimism Grows

Martinez also spotted a potential symmetrical triangle pattern on XRP's chart, and it's got everyone buzzing. If this pattern holds and XRP breaks out to the upside, Martinez is calling a target as high as $15. It's a long shot, but it's got both long-term holders and traders buzzing with excitement.

Technical Picture: Testing the Waters

Right now, XRP is testing that resistance between $2.45 and $2.46, the upper boundary of a descending channel. The bulls have been charging, but there's no confirmed breakout yet, so the short-term upside is still up in the air.

But don't let that dampen the mood—the overall trend is still looking good. XRP is trading above all the major moving averages, from the 10-day to the 200-day, showing some serious underlying momentum. And with the relative strength index at 61, it's bullish without being overbought.

Both momentum and MACD are screaming for more upward movement. If XRP can finally break above $2.46, it could turn that resistance into support and kick off a whole new rally, maybe even confirming that bullish symmetrical triangle setup.

But if it can't break through, watch out—XRP might drop back to the $2.25-$2.16 range, where the moving averages are waiting to catch it. Until then, all eyes are on that resistance zone to see what XRP will do next.

Fundamentals on the Rise: Legal Wins and Institutional Interest

It's not just the charts that are looking good—XRP's fundamentals are also on the upswing. A recent court filing on May 8 revealed that Ripple and the U.S. Securities and Exchange Commission have agreed to drop their appeals in their long-running lawsuit. This could finally close the book on a saga that's been dragging XRP down since late 2020.

And get this—institutional interest in XRP is heating up. A leveraged XRP ETF launched in April, and spot ETF filings from big names like Franklin Templeton and Bitwise are still waiting in the wings for regulatory approval. The future's looking bright for XRP, and the crypto world is watching with bated breath to see what happens next.