XRP Price Gains 5% Weekly as DOGE Focuses on SEC Efficiency
XRP has gained 5% over the past week, currently trading around $2.60, despite broader market selloff pressures. The XRP community is optimistic following Elon Musk's Department of Government Efficiency (DOGE) targeting the US Securities and Exchange Commission (SEC) for performance review. DOGE's initiative seeks public input on addressing waste and inefficiency within the SEC.
Ripple Labs continues its long-standing legal battle with the SEC, with analysts anticipating a potential settlement during the Donald Trump administration. This could pave the way for a spot XRP ETF approval by the end of 2025.
XRP Price Projections
Analyst Ali Martinez identified a bullish scenario if XRP confirms a cup-and-handle pattern, which could lead to a price target of $3.35. EGRAG Crypto also outlined short-term targets based on XRP's trading channel:
- If XRP breaks above the current channel, potential targets are $4.20 and approximately $5.00 at the Fibonacci 1.618 level.
- A bearish breakout may see XRP fall to about $1.80, with a margin of error of ±10%.
Source: Ali Charts
Source: EGRAG Crypto