XRP surged to a seven-week high this weekend, briefly touching $2.48 before retracing slightly near the crucial $2.40 support level. This movement hints at the potential for further gains ahead, as traders and investors closely monitor this high-profile cryptocurrency’s trajectory.
The recent rally was largely fueled by speculation surrounding BlackRock, the world’s largest asset manager, which may soon file for an XRP-spot ETF. This event could significantly reshape market sentiment and demand for Ripple’s native token. On Saturday, May 10, the XRP price jumped 5.44%, spurred by renewed investor optimism related to institutional adoption and potential resolutions in the ongoing XRP lawsuit.
XRP Climbs on BlackRock ETF Hype and Legal Developments
A leaked letter from a crypto enthusiast claimed BlackRock had discussions with the U.S. Securities and Exchange Commission (SEC) about expanding its crypto ETF offerings. While the asset manager has not confirmed an XRP spot ETF filing, the rumor was enough to ignite enthusiasm among traders. Posts on social media exclaimed, “BlackRock XRP ETF is coming soon!”—highlighting a broader shift in the SEC’s openness toward digital asset exchange-traded products.
BlackRock is in talks with the SEC Crypto Task Force to pave the way for an XRP ETF approval. Source: XRP Dragon via X
Although BlackRock has not commented, its previous silence and its immense success with the iShares Bitcoin Trust (IBIT)—which has attracted over $44 billion in inflows—suggest the firm may be laying the groundwork for additional exposure to the crypto market, including XRP.
Ripple Price Holds Gains as Traders Eye Breakout
XRP’s weekend performance underscored a favorable technical setup. On the daily chart, XRP closed near the $2.48 mark, signaling bullish continuation. Analysts noted that if the token can decisively break above the $2.50 resistance level, it could open the door to testing higher zones near $2.75 and beyond.
XRP price ranged from $2.35 to as high as $2.47 on May 11. Source: XRP Liquid Index (XRPLX) via Brave New Coin
According to CoinStats, XRP rose from $1.68 to $2.41 within a mere 24 hours, showcasing a gain of about $0.73. While the market-wide rally contributed to the excitement, XRP outperformed many large-cap tokens.
Profit-taking, however, capped further gains below $2.50, with analysts suggesting that XRP requires sustained volume and a strong daily candle close above $2.475 to unlock prospects for further upside. “A breakout above this level could unleash enough bullish energy to test the $2.60 area,” noted Sophie Kim in a report for TokenPost.
XRP Lawsuit Update: SEC Settlement May End Legal Battle
Yet another significant factor contributing to XRP’s rise is the possibility of reaching a settlement in the Ripple lawsuit. Reports indicate that the SEC has filed a settlement letter with the court, aiming to remove the longstanding injunction against Ripple’s institutional XRP sales. The regulator also suggested that it would reduce Ripple’s $125 million penalty to a lesser amount, likely facilitating a mutual decision to bypass further appeals.
If approved, this resolution would mark the conclusion of one of the most pivotal legal battles in the crypto landscape. Ripple has long contended that XRP is not a security, and a favorable verdict could open doors to institutional investments.
Legal expert Eleanor Terrett noted that the regulatory landscape has shifted dramatically in recent months. “The Crypto Task Force has held nearly 100 meetings with industry participants since February—a stark contrast to the previous four years,” she elaborated.
This potential legal clarity promises to lift a long-standing cloud over the Ripple project, which could boost investor confidence and further legitimize XRP in the eyes of regulators and institutions alike.
Ripple Market Sentiment Hits ‘Extreme Greed’
The broader market sentiment surrounding XRP has escalated to an extent captured by the Ripple (XRP) Fear and Greed Index, which recently reached “Extreme Greed” levels with a score of 65. This marks a pronounced increase from 49 just a week earlier, signaling a marked shift in investor psychology.
XRP’s Fear and Greed Index has surged to 65, indicating strong greed after climbing from 49 a week ago. Source: cfgi.io
Heightened investor activity is reflected in social volume, price momentum, and bullish technical indicators. Notably, XRP has now tested the $2.50 resistance level three times over the past month, encountering rejection due to profit booking and market hesitancy. Current momentum suggests that another breakout attempt is on the horizon.
“Volume remains elevated, with weekly averages trending 38% above the 30-day mean,” analysts from CoinGape remarked. This sustained interest, coupled with strong technical support at $2.24, could offer a robust foundation for XRP to aim higher in upcoming sessions.
US-China Trade Talks Add to Global Risk Appetite
Compounding the bullish sentiment are positive developments in global macroeconomic conditions. Recent trade talks between the U.S. and China have resumed in Geneva, raising hopes of reduced tariffs and softer trade policies.
President Donald Trump’s remarks hinted at a more flexible approach in ongoing negotiations, which analysts believe could help alleviate inflation fears and stoke renewed confidence in risk assets like cryptocurrencies.
These geopolitical developments are contributing to a significant capital rotation into digital assets, particularly those with robust institutional narratives—such as XRP.
XRP Price Prediction: Aiming for $2.75 and Beyond
As XRP continues to trade firmly above both the 50-day and 200-day exponential moving averages, the technical configuration remains bullish. With a Relative Strength Index (RSI) of 63.30, ample space for a move higher remains before reaching overbought territory.
XRP aligns with the weekly 61.8% Fib level, eyeing targets at $3.20–$3.43. Source: ThatBeardedDude on TradingView
Market participants are now focusing on $2.75 as the next key price target. Achieving a successful breach of this immediate resistance may open the gates towards the $3.00 psychological threshold and potentially retest the 2025 high of $3.3999, especially if regulatory clarity arrives soon and the speculation around BlackRock’s ETF gains credibility.
Conversely, a dip below the support at $2.24 would invalidate the short-term bullish narrative, potentially subjecting XRP’s price to a retracement towards $1.93.
Key Developments to Watch
As XRP positions itself at a pivotal moment, it finds itself balancing between significant technical resistance and strong bullish fundamentals. The speculation around a BlackRock XRP-spot ETF, progress in the SEC lawsuit, and global economic optimism are converging to create notable tailwinds.
The question remaining for traders and investors is whether XRP can transform this momentum into a sustained rally, largely hinging on the developments surrounding the Ripple lawsuit update, the SEC’s stance on Ripple, and overall market sentiment. The focus remains on the $2.50 mark, which could catalyze the next leg in XRP’s journey towards new highs.
