XRP surged over 3% on Friday following Ripple Labs CEO Brad Garlinghouse’s announcement that the company would drop its cross-appeal against the SEC. This decision marks a potential end to the prolonged legal battle that has impacted XRP’s market since 2020.
Key Developments and Market Reaction
- Legal Clarity: Ripple’s move signals regulatory progress, with the SEC expected to follow suit by dropping its appeal.
- Price Action: XRP jumped to $2.18 within hours of the news, reflecting investor optimism.
- Leadership Statements: Garlinghouse emphasized focusing on the "Internet of Value," while Chief Legal Officer Stuart Alderoty confirmed operational clarity.
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Technical Analysis: Bullish Signals Emerge
Momentum Indicators
- MACD: Crossed into bullish territory, with consecutive positive histogram bars.
- RSI: Balanced at 52, suggesting room for upward movement.
Support/Resistance:
- Support Zone: $2.1394–$2.1453 (defended by buyers).
- Resistance Levels: $2.2446**, **$2.2949, and $2.3211.
Trading Strategy
- Long Opportunities: Confirm breakout above $2.2446 with rising volume.
- Downside Risks: A drop below support could invalidate the rally.
Market Implications
The settlement reduces regulatory uncertainty, potentially boosting institutional and retail confidence. XRP’s technical resilience aligns with this narrative shift.
FAQs
1. Why did XRP’s price rise?
The surge followed Ripple’s decision to drop its SEC appeal, easing long-term regulatory concerns.
2. What are XRP’s key resistance levels?
Watch $2.2446** and **$2.3211 for breakout confirmation.
3. Is XRP’s legal status fully resolved?
While secondary sales gain clarity, past institutional sales remain under scrutiny.
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Conclusion
XRP stands at a pivotal moment, combining technical strength with regulatory progress. Traders should monitor resistance breaks for trend confirmation.