XRP Eyes $2.30 Breakout as RippleNet Rumors Link Elon Musk to SWIFT Alternative
TLDR:
XRP eyes a $2.30 breakout as bullish patterns form and technical support holds above the $2.00 level.
Elon Musk may adopt RippleNet for X Payments, signaling a shift away from the SWIFT payment system.
XRP’s legal battle with the SEC continues, with a key settlement update deadline set for June 16.
Positive trading indicators, including rising CVD and chart setups, point to potential gains toward $3.00.
XRP is approaching a key resistance level at $2.30 amid growing support from institutional and retail markets.
The attention surrounding the token has increased after reports that Elon Musk plans to adopt RippleNet as the payment infrastructure for X Payments. This will potentially replace the legacy SWIFT system.
As the legal dispute between Ripple Labs and the SEC nears a June deadline, market participants are watching for price action and court developments.
XRP Moves Closer to Breakout as Key Price Levels Hold
XRP is trading at $2.17, according to data from CoinGecko. The price has dropped by around 2.2% over the past 24 hours but remains above the $2.07 support level noted by analysts.
XRP price on CoinGecko
Egrag Crypto, a market analyst, stated that a daily close above $2.30 would validate a double-bottom pattern. The 21-day exponential moving average (EMA) on Egrag’s 3-day chart has also become a reference point for confirming bullish momentum.
The analyst emphasized that the double-bottom formation remains intact as long as XRP does not record three daily closes below $2. Egrag noted that the key indicator now is to avoid three consecutive daily closes below $2, which would signal potential structural failure.
#XRP – A Close Above $2.30 Reinforces the Double Bottom Pattern! (UPDATED CHART):
UPDATE: Nothing has changed — the Double Bottom remains a solid, strong structure. The key indicator now is to avoid three consecutive daily closes below $2, which would signal potential… https://t.co/n0PRFzGg3G pic.twitter.com/0MhS0tKng2
— EGRAG CRYPTO (@egragcrypto) June 6, 2025
XRP has seen a steady buildup of support after falling from its May 12 high of $2.6553. Although the recent price action reflects market caution, multiple chart formations suggest possible continuation of the broader uptrend.
Elon Musk and X Payments Drive Institutional Interest
Market speculation increased after CryptoGeek reported that Elon Musk plans to integrate RippleNet into X Payments. This positions it as a replacement for the SWIFT payment network.
While no official statement has been released, the possibility of RippleNet being adopted for large-scale institutional transfers has drawn attention from global traders.
ELON MUSK TO REPLACE SWIFT PAYMENTS SYSTEM WITH RIPPLE NET (#XRP) FOR X PAYMENTS!!
— CryptoGeek (@CryptoGeekNews) June 5, 2025
RippleNet, developed by Ripple Labs, offers faster and cheaper cross-border transactions than traditional methods like SWIFT. If Musk adopts RippleNet for X Payments, it could enhance XRP’s utility and increase institutional demand for the token.
The potential shift comes at a time when XRP is still under regulatory scrutiny in the United States. However, international interest has remained steady. Analysts believe that corporate endorsements or adoption news, such as this reported move by Musk, can influence short-term and long-term demand.
Meanwhile, trading activity has picked up, with CoinGecko recording a slight increase in 24-hour volume despite overall market weakness. XRP’s spot taker cumulative volume delta (CVD) has turned positive again, showing a dominance of buy orders over sell orders.
CryptoQuant data shows that this trend began on May 19, indicating trader confidence in XRP’s near-term direction.
Legal Deadline and XRP Market Reaction Ahead of June 16
The ongoing legal case between Ripple Labs and the SEC remains a key concern for traders. On June 5, XRP dropped nearly 5% after a federal judge rejected a joint motion from Ripple and the SEC seeking approval of proposed settlement terms.
The terms included removing the ban on XRP’s institutional sales and reducing a $125 million penalty.
The SEC has until June 16 to file a report on the settlement status with the U.S. Court of Appeals. If no agreement is reached, the appeal and cross-appeal will continue, with a briefing due from Ripple.
Pro-crypto lawyer Bill Morgan commented, “The countdown to the date the SEC must report to the Appeal Court is now 12 days. Something has to happen by then.”
The XRP price has also held above $2 since April 11, which analysts see as a critical support level. A drop below $2 could push the token down to the next support level at $1.9299, based on market analysis.
On the upside, a move above $2.60 could trigger a run toward $3.20 or even $3.50, depending on market conditions and court developments
The post XRP Eyes $2.30 Breakout as RippleNet Rumors Link Elon Musk to SWIFT Alternative appeared first on Blockonomi.
Filed under: Bitcoin - @ June 6, 2025 6:21 pm