XRP (XRP) has been on a strong upward trend in the past two weeks, with a 30% increase in price. This surge has been driven by a rebound in the overall cryptocurrency market and the resolution of Ripple’s long-standing legal battle with the US Securities and Exchange Commission (SEC).

The recent price action of XRP also indicates the formation of a symmetrical triangle pattern, a classic bullish continuation setup. This pattern typically occurs after a strong uptrend and is characterized by a consolidation within converging trendlines. According to technical analysis, this setup is likely to result in a breakout above the upper trendline, potentially leading to a 75% increase in price by June.

However, a drop below the lower trendline could invalidate this bullish setup and push XRP towards a bearish target of $1.28. This target is obtained by subtracting the maximum height of the triangle from the potential breakdown point at $2.35.

The positive technical outlook for XRP is also supported by recent developments in the cryptocurrency’s fundamentals. The SEC’s decision to drop its appeal against Ripple and the launch of the first CFTC-regulated XRP futures in the US have boosted market sentiment and increased liquidity for the asset.

However, Ripple still faces a legal hurdle in the form of an injunction that restricts the company from selling XRP to institutional investors. This could potentially limit Ripple’s ability to distribute XRP directly to banks and financial institutions, hindering its growth potential.

In conclusion, while XRP’s technicals and fundamentals are currently pointing towards a bullish outlook, investors should conduct their own research and be aware of the potential risks involved in cryptocurrency investments.