A positive market sentiment has driven XRP up to $3.38. Ripple and the US SEC have jointly asked the Second Circuit to dismiss ongoing appeals, signaling progress toward resolving their long-standing legal battle.
The MACD indicator is showing a bullish buy signal for XRP, reinforcing the optimistic outlook. Following the SEC’s announcement hinting at a possible end to the five-year lawsuit, speculative buying pushed XRP close to its all-time high of $3.66, reached on July 18.
Ripple’s Chief Legal Officer, Stuart Alderoty, noted in court filings that both parties are responsible for their own legal costs. This petition marks an important step in settling Ripple’s regulatory dispute.
The SEC originally sued Ripple in 2020, accusing it of selling unregistered securities. In 2023, a court ruled that XRP’s programmatic sales on exchanges like Binance and Coinbase were not securities, though Ripple remained liable for direct institutional sales.
Recently, Ripple paid a $125 million fine held in an interest-bearing escrow, and the parties agreed on a $50 million settlement earlier this year. However, a judge rejected a request to dismiss the case due to procedural issues. The SEC must provide status updates by August 15.
After hitting an intraday peak of $3.38, XRP is now consolidating near $3.36. Interest surged following the SEC’s joint motion on Thursday. Key support levels to watch include the 50-, 100-, and 200-day EMAs at $3.07, $3.06, and $2.95, respectively.
A daily close above the $3.38 resistance could propel XRP toward its all-time high of $3.66 and potentially reach $4.00 in the medium term.
