After a sharp upward surge to the fourth position in the cryptocurrency market capitalization ranking, XRP briefly touched the psychologically important price of $2.50. Despite this, XRP is still consolidating within a bullish pennant pattern, with the token trading around $2.42 facing strong resistance at the $2.73 level.

This resistance level is important because if XRP fails to reach it in the short term, a pullback to $2.05 is possible. Overall, XRP needs to gain just 12% to break through the indicated resistance point.

Success in moving upward could catapult XRP to an incredible $11. If XRP surpasses $2.70, the next target will be the Fibonacci level of 1.00, which corresponds to a price of $2.91. After that, a strong bullish surge is expected with the next target at $4.73. This corresponds to the Fibonacci level of 1.272.

New price highs largely depend on the final resolution of the legal confrontation between the token issuer Ripple and the SEC of the USA. A victory for the San Francisco company would allow XRP to set a new price record.