Currently, the price of XRP remains subdued in the wake of the recent cryptocurrency market downturn, falling below the crucial level of $2.2. This dip has broken through several support levels, with only the $2 mark standing firm against the bearish pressure. Despite this, recent developments on the XRP price chart indicate potential bullish movements. Analyst Dark Defender has highlighted various formations that suggest a possible upward trajectory for XRP in a recent post on social media.

Prospects of XRP Reaching $3.61

In his analysis shared on Twitter, Dark Defender points out that multiple technical indicators are signaling a bullish trend for XRP. According to him, the current pressure keeping the price down is on the verge of dissipating.

This pressure is particularly pronounced near the $2.1 mark, where the price has stabilized without further declines, and support continues to build. Clearing this level could set the stage for a significant upward movement.

Moreover, the strength of the trend lines and the proximity to key Fibonacci levels and the Cup Surface all suggest that this area is pivotal for future price action.

Dark Defender also noted that XRP’s moving averages are narrowing, which heightens the potential for a breakout. As these indicators converge, a significant price increase could be on the horizon.

In light of the bullish indicators emerging, the analyst suggested two potential price targets. The first is a modest increase of 5% towards $2.22, which represents a significant resistance level. If this threshold is successfully surpassed, it paves the way for a more ambitious target of $3.61, reflecting a 50% increase.

Community Calls for Regulatory Clarity

While bullish signals are emerging, the XRP market remains constrained by ongoing legal battles, notably the Ripple-SEC lawsuit. Community member and crypto analyst Jaydee conducted a poll to gauge sentiment on what might catalyze the next bullish phase.

The results revealed that 44.3% of participants believe that obtaining regulatory clarity and resolving the SEC lawsuit will be crucial in driving price growth. Other contributions to this bullish outlook included technical analysis at 34.3%, partnerships and adoption at 11.5%, while the Ripple IPO garnered 9.9% support.