XRP Breakout and Bullish Reversal in Focus Market analyst DeGram recently asserted that, “XRP has broken out above its descending resistance line and is now testing the top of a prior support zone near 2.96. Price structure suggests a bullish reversal with rising momentum and a target set near the 3.28 level.” Therefore, DeGram believes that XRP has broken above its descending resistance and is now retesting the $2.96 zone, which is a former key support. This setup signals a bullish reversal, with momentum building toward a $3.28 target. The analyst added that the breakout retest offers a prime entry for bulls, with the dip holding above key support and higher lows signaling a short-term uptrend resumption. Technical Landscape As of today’s market data, XRP is trading around $2.96 , consistent with DeGram’s reference level. The token appears to have cleared a multimonth downward trendline, a breakout that often signals a shift in market structure from bearish to bullish. The fact that XRP is now re‑testing the upper limit of a recent support range adds weight to the bullish thesis. Notably, recent technical coverage shows XRP rebounding from $2.80 support and encountering resistance between $3.00 and $3.14, with sellers resting near overlapping exponential moving average (EMA) and volume weighted average price (VWAP) zones. Momentum & Patterns Indicators support expansion since momentum oscillators, such as the relative strength index (RSI) have turned upward from neutral levels, while volume patterns show increasing interest on ripple rallies, but still limited conviction above $3.00. That said, the structure resembles a rising reversal: higher lows, breakout from descending formations, and ascending momentum suggest price is poised for further upside. Price Target Near $3.28 DeGram’s projected $3.28 target sits just beyond short‑term resistance clusters at $3.14–3.34, making it a logical next stop if momentum persists. Analysts place near‑term upside targets between $3.33 and $3.43, and in some bullish scenarios even beyond the psychological price of $5 later in 2025 if broader catalysts like ETF approval and regulatory clarity materialize. Is There Light at the Tunnel for XRP Lawsuit? Ripple's Chief Legal Officer, Stuart Alderoty, recently praised SEC Chair Paul Atkins, a move widely seen as a strong signal that the XRP lawsuit may be nearing its conclusion. Alderoty praised Atkins for shifting the SEC toward clearer, collaborative crypto regulation, highlighting the “Project Crypto” initiative and his stance that most digital assets aren’t securities. This endorsement comes at a pivotal moment since the SEC is set to vote by August 7 on whether to withdraw its appeal against Ripple ahead of the August 15 deadline. Legal experts like Bill Morgan say the agency is “more likely than not” to drop the appeal, with formal filings expected if the vote passes. In a parallel step, Ripple has escrowed the agreed $125 million civil penalty , pending final resolution. Once both sides withdraw their appeals, the funds are expected to be transferred to the U.S. Treasury, closing the financial chapter. However, the court’s finding that $728 million in institutional XRP sales violated securities laws still stands, even as public exchange sales remain lawful under Judge Torres' 2023 ruling. Conclusion Alderoty’s praise isn’t just diplomatic, it hints at shared momentum toward resolution. As both sides prepare to submit their formal filings, the crypto sector is watching closely with mid‑August now seen as the likely capstone to one of its most important legal sagas. Meanwhile, XRP’s breakout above its descending resistance line and current test of the $2.96 support zone forms a textbook bullish setup in line with DeGram’s analysis. The technical structure marked by a reversal pattern, rising momentum, and proximity to Fibonacci/EMA confluences supports a plausible move toward $3.28. Nevertheless, slipping below $2.90–$2.80 would invalidate the bullish thesis and could draw in risk of deeper correction.
