TL;DR

Ripple (XRP) rebounded from the sub-$2 levels. One analyst believes its performance in the short term will depend heavily on Bitcoins fluctuations. Others forecasted a move to $2.50 $3, fueled by favorable legal outcomes, institutional interest, and potential momentum above the $2.13 breakout zone.

The Next Potential Moves

The cryptocurrency market witnessed another correction in the past several hours following the latest wave of trade tariffs implemented by US President Donald Trump. Ripples XRP, which was holding above $2.15 prior to the announcement, briefly tanked under $2. Shortly after, it registered a slight rebound and currently trades at around $2.04 (per CoinGeckos data). 

Numerous analysts noted the assets latest pullback, projecting interesting targets for the short term. The X user CRYPTOWZRD said XRP now tests the $2 daily support level, adding that we need a reversal from this location. They also assumed that the performance of Ripples cross-border token would depend on Bitcoin:

Whatever Bitcoin does, XRP will follow that. No altcoins can escape while Bitcoin is crashing.

The primary cryptocurrency, which surged past $88,000 at one point on April 2, nosedived to almost $82,000 after the escalation of the trade war. As of this writing, it is worth approximately $83,300, representing a 5% decline on a weekly scale.

BlockchainBaller was much more bullish, forecasting that XRP could soar to the $2.50-$3 range this month, driven by favorable legal outcomes and increased institutional adoption. 

It is important to note that major developments on the legal front have already played a role in the assets price performance.

Last month, Ripples CEO revealed that the US SEC had dropped its appeal against the company, describing this as the end of the lengthy lawsuit. Several days later, CLO Stuart Alderoty said the firm will withdraw its cross-appeal and pay a penalty of $50 million (instead of the previously ruled $125 million). He said the $50 million is already in an interest-bearing account, whereas the remaining amount will be returned to Ripple.

The only missing conclusion of the case seems to be an official statement from the SEC, which may be released in the following days. However, it remains doubtful whether such a disclosure would fuel a rally for XRP, as it could have already been priced in. 

The Potential Breakout Zone

Several hours before the latest correction, Crypto General claimed that XRP is still consolidating above the breakout zone of $2.13 and is holding it strong. 

The analyst predicted that the next bull run could be ignited by an upswing above that mark, promising to add heavy bag once that happens. 

As mentioned above, though, XRP headed south instead of breaking beyond the depicted target.