XRP, the native token of the XRP Ledger, might soon see a significant price increase from its current level around $0.53. This potential rise is influenced by the recent passage of groundbreaking cryptocurrency legislation by the US House of Representatives and the nearing resolution of Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC).

The FIT21 Bill and Its Impact

Cryptocurrency analyst Dark Defender emphasized the importance of the Financial Innovation and Technology for the 21st Century Act (FIT21). This newly passed bill aims to establish a comprehensive regulatory framework for the US cryptocurrency market. It includes consumer protections, designates the Commodity Futures Trading Commission (CFTC) as the primary regulator for digital assets, and clarifies the roles of both the CFTC and the SEC. Additionally, it seeks to better classify cryptocurrencies as either securities or commodities.

The bill has garnered strong support from the cryptocurrency industry, including endorsements from Coinbase, Kraken, Andreessen Horowitz, and the Digital Currency Group. The Crypto Council for Innovation, supported by 50 organizations, sent a letter urging House leaders to approve the bill.

Technical Analysis and Institutional Interest

Using technical analysis tools like Fibonacci Time Zones and Elliott Wave Theory, Dark Defender predicted a significant price increase for XRP before July. He suggested that the FIT21 bill and the expected influx of institutional investors through spot exchange-traded funds could further boost XRP’s value.

Moreover, Ripple's ongoing legal battle with the SEC, which started after the regulator accused Ripple of raising over $1.3 billion through an unregistered securities offering, is nearing an end. This resolution could potentially eliminate a major obstacle affecting XRP’s price.

Analyst’s Bullish Prediction

Earlier this month, Dark Defender identified a bull flag pattern on the XRP/USD chart, indicating a possible surge to $18. This pattern, characterized by a sharp price increase followed by a consolidation period, appears on multiple timeframes and is often seen as a sign of an impending breakout.

With the combined effects of new legislation, institutional interest, and a potential legal resolution, XRP investors are closely monitoring for a potential breakout in the coming months.