TL;DR

Ripple Labs received some good news this past week from the SEC, but the native token hasnt really picked up the pace, unlike many of its rivals. Now, though, analysts tend to believe that the asset is due for some big gains. The broader crypto market was revived in the past week as bitcoin finally broke above $100,000 and tapped a new multi-month peak at over $104,000. Many altcoins, such as DOGE, SOL, and HYPE, posted impressive gains, and so did ETH. In fact, Ethereums weekly increase stands at over 31%.

At the same time, XRP is also in the green, of course, but its weekly surge stands at just over 9%. On a monthly scale, it has added 21% (impressive, yes) but nowhere near as notable as ETHs 54% surge or even BTCs 28% jump.

Whats even more surprising is that the SEC officially filed for a settlement in the legal case against Ripple Labs and wants just a $50 million penalty payment, which is a fraction of the $2 billion it initially asked for.

Nevertheless, XRP still managed to break through an important resistance set at $2.26 and closed well above it on the daily. The short-term target for the asset is at $2.6, said Ali Martinez, who posted an update today with even more good news for XRPs future price performance.

The analyst with over 137,000 followers on X said the SuperTrend Indicator had just flashed a buy signal for XRP.

The SuperTrend indicator just flashed a buy signal for $XRP! pic.twitter.com/I6X7crn1zE

Chad Steingraber found some similarities between the current market structure and the events that transpired in January. At the time, XRPs Open Interest soared to almost $5 billion, and its price skyrocketed from $2.3 to roughly $3.4 within a week. Now, the Open Interest is close to those levels.

XRP Open Interest building up to $4.6Billion.

It was last at this level back in January which then sent the price from $2.30 to $3.30 over the course of one week. https://t.co/SWinGvu7jY pic.twitter.com/Ax0sy93eZS

BitGuru noted that XRP had broken out of a double bottom and is riding a strong uptrend with higher highs. If it manages to stay above $2.23, which is far below the current price tag of $2.4, it could experience another bullish leg up, they added.