Ripple and the U.S. Securities and Exchange Commission have officially put an end to their legal battle, bringing closure to a case that has been closely monitored by the entire cryptocurrency industry. Ripple’s Chief Legal Officer, Stuart Alderoty, confirmed the news, stating that both parties have jointly dismissed their appeals following the Commission’s vote. With this development, Alderoty expressed his relief by saying, “The end… and now back to business.”
The announcement of the resolution had an immediate impact on the market, with XRP’s price surging by 12% in the past 24 hours, reaching around 3.34.
In terms of XRP price analysis, on the weekly chart, there is still a major bearish divergence present, indicating potential weakness in the next one to two months. While analysts caution that this doesn’t necessarily mean prices will plummet right away, traders are advised to exercise caution and not expect sustained bullish momentum in the medium term.
In the short term, XRP continues to bounce back from the Fibonacci support level near 2.90, with strong buying support evident between 2.90 and 3.00. If prices were to dip below 2.90, the subsequent support levels are anticipated to be around 2.75, followed by a more robust zone between 2.55 and 2.62.
Looking ahead, resistance is anticipated between 3.35 and 3.40. A breakthrough above 3.40 could pave the way for a more robust rally. If the bullish trend persists, the next targets are projected to be around $3.47, with a potential push towards the $3.80–$4.30 range in the upcoming sessions. However, for this to materialize, XRP must maintain its position above crucial short-term support near $3.13 and ideally $3.38 to sustain the upward trend.
While there might be some resistance in the $3.30–$3.40 range, the overall trend remains optimistic. Price action has been resilient since the weekend lows, indicating that buyers are currently in control.
Overall, the resolution of the legal dispute between Ripple and the SEC has provided a sense of clarity for the cryptocurrency market, with XRP’s price showing signs of potential growth and stability in the near future.