XRP is experiencing a notable increase in buying pressure, potentially laying the groundwork for a push toward the key $3 resistance level. Over the past 24 hours, XRP’s market capitalization has surged by approximately $6.25 billion, rising from $127.97 billion to $134.22 billion. XRP one-day market cap chart. Source: CoinMarketCap This influx of capital is reflected in the price action, with XRP currently trading at $2.29, up more than 4% on the day and nearly 6% over the past week. XRP seven-day price chart. Source: Finbold From a technical standpoint, XRP is hovering around its 50-day simple moving average ( SMA ), a level often viewed as a critical short-term trend indicator. The price remains well above its 200-day SMA at $1.90, reinforcing the asset’s longer-term bullish trajectory. Meanwhile, the 14-day Relative Strength Index ( RSI ) stands at 46.61, suggesting neutral momentum but leaving room for considerable upside. XRP’s path to $3 Looking ahead, pseudonymous crypto analyst Theodor Coin highlighted in a June 8 CoinMarketCap post that certain key price levels may help XRP reclaim the $3 mark. According to the analyst, XRP has spent the past two weeks consolidating within a narrowing range and experiencing decreasing volatility, a setup that often precedes sharp directional moves historically. He noted that the current clustering around the $2.20 to $2.25 zone indicates sellers may lose conviction, although bulls have yet to take full control. XRP price analysis chart. Source: CoinMarketCap However, he emphasized that a breakout above $2.27, especially if supported by strong volume, could spark a rally toward $2.90, potentially forming the right shoulder of a larger reversal pattern. On the flip side, a breakdown below $2.20 might see XRP retesting $1.99 or even sliding toward the broader $0.99 macro support level if sentiment deteriorates sharply. For now, with momentum leaning positive, it appears XRP is capitalizing on broader market sentiment as it sets its sights on reclaiming the $2.50 resistance. XRP fundamentals Beyond technical indicators and market trends, the lingering legal battle between Ripple and the U.S. Securities and Exchange Commission ( SEC ) could catalyze XRP’s price movement. Investors are watching for a resolution, especially after the presiding judge initially rejected the settlement proposal due to procedural errors. In this context, pro-XRP lawyer Bill Morgan has identified June 16 as a potentially pivotal date. On that day, the SEC is expected to submit its status report to the Appeals Court, marking the conclusion of a 60-day window. Morgan suggested that some form of development is likely imminent, otherwise, the appeal and cross-appeal process will move forward, requiring Ripple to file its briefing. Featured image via Shutterstock The post XRP adds $6 billion in a day; Is $3 next? appeared first on Finbold .
