Bulls continue to defy bearish sentiment, as speculation arises about XRP potentially reaching $3.6 in value.

The digital currency XRP has experienced a significant surge in its price, rising from $2.78 to $3.10 on Friday, following renewed optimism about a possible rate cut at the upcoming Federal Reserve meeting in September. However, the coin has since retraced, dropping to $2.99 in the early Sunday session before rebounding to $3.

Despite this recent drop, bulls have not given up on XRP. Crypto analyst Ali believes the cryptocurrency is in the middle of a rebound, which might target $3.60. The hourly chart indicator suggests a possible bullish rebound for XRP, hinting at a potential recovery.

Momentum indicators such as the daily RSI (Relative Strength Index) hint at the likelihood of consolidation, currently at the 50 mid-point. As long as XRP sustains above $3, the possibility of reaching $3.60 remains.

In the event of a drop, XRP might aim for support first at $2.96 before $2.78. The crypto analyst who suggests that XRP could be in an uptrend toward $3.60 and currently likely consolidating if the 50 midpoint is reached is not explicitly named in the available search results. However, XRP's price action around $3.40 and consolidation near $3.00 is analyzed with references to technical structures and support levels, indicating bullish potential but consolidation near these points.

It's important to note that no new information about Ripple's Chief Technology Officer's expert reaction amid the Fed-driven market rally was provided. Similarly, no specific details about Vitalik Buterin's prediction for Ethereum were shared in the article.

Recent positive developments in the Ripple SEC lawsuit have also contributed to the surge in XRP's price. The Joint Stipulation of Dismissal of Appeals in the Ripple case has been approved by the Second Circuit, officially closing the nearly five-year litigation. However, no new information about the recent positive developments in the Ripple case was provided.

At the time of writing, XRP is down 0.76% in the last 24 hours and down 3.97% weekly. The current 0.76% drop in the last 24 hours and the 3.97% weekly drop were not elaborated upon in the available information.

In conclusion, while XRP has seen a drop since Aug. 22, the bullish sentiment remains strong, with analysts predicting a rebound towards $3.60. The hourly chart indicator and technical analysis support this view, although the recent drop has yet to be fully explained. The closure of the Ripple SEC lawsuit has also boosted optimism in the XRP market.