Two major events in the following week or so could determine whether XRP’s technical setups play out, potentially sending the token to a new multi-month peak at around $2.00.

The first arrives on September 15, when the US Senate is scheduled to hold its first procedural vote on the CLARITY Act. The next one is just a day later.

Analysts Eye $2 and Beyond

Analyst Celal Kucuker described the token’s current technical structure as “amazing,” arguing that several formations are pointing toward the same target of around $2.30. Given the asset’s current price of around $1.39, this would represent another 60% surge if it materializes.

To do so, though, XRP would have to overcome some serious resistance levels that have halted its progress in the past and are sitting immediately above it. Fellow analyst Bird highlighted a large concentration of liquidity between approximately $1.60 and $1.85, followed by an even more significant pocket at $2.00.

Based purely on this liquidity map, the analyst estimated a 70% probability of XRP moving higher through $1.50 and $1.60 before targeting the subsequent region. The bearish scenario would become more relevant if the cross-border token loses $1.30, which could open the door for another dip to $1.20 or even $1.00.

However, it’s worth noting that liquidity maps change constantly and do not guarantee the direction of the next move, something that Bird also acknowledged.

CW offered another bullish technical scenario, indicating that XRP’s previous correction bottomed around the 0.5 Fib retracement before the subsequent rebound carried it above the 0.618 level. The current version of such an expansion would bring the asset to over $2.10.

Next 8 Days Matter

Those targets could soon face a much more fundamental test as the US Senate’s cloture vote on the motion to proceed with the CLARITY Act is scheduled for a week from today at 2:15 PM ET. This is not a vote to pass the legislation, as we have explained in the past. If successful, the vote would instead advance the bill toward formal Senate consideration. Nevertheless, its implications for the crypto market, especially assets like XRP, are quite significant.

A day later, the Federal Reserve will deliver its latest interest-rate decision. The combination of the two events creates an unusually concentrated event window for Ripple’s token. Regulatory progress could improve sentiment around the asset, but a hawkish Fed decision, such as a rate hike, which is more likely as of now, could simultaneously pressure XRP alongside the rest of the market.

Source: CryptoPotato