Key Takeaways:
XRP price is up 2% on June 16, fueled by optimism around a potential Ripple-SEC lawsuit settlement.
A falling wedge pattern on the chart signals a possible breakout to $3.12, a 40% gain.
XRP’s rise aligns with broader crypto market strength, as sentiment improves.
XRP Gains 2% Amid Ripple-SEC Settlement Hopes
XRP traded as high as $2.25 on June 16, climbing 2% on the day as positive sentiment builds around the long-running Ripple-SEC lawsuit potentially nearing a conclusion. A recent joint motion filed by Ripple and the SEC proposes a $50 million settlement, down from the previously contested $125 million penalty.
Legal expert John Deaton gives a 70% chance that Judge Analisa Torres will approve the deal, raising hopes for a long-awaited regulatory resolution and improved clarity for Ripple.
Crypto Market Rebound Lifts XRP
XRP’s upside also mirrors broader market strength:
Bitcoin broke above $107,000, up 1.7% on the day.
Ether gained 4% to $2,616, while Solana led with an 8% surge to $156.
Global crypto market cap rose 2.2% to $3.34 trillion.
Meanwhile, the Crypto Fear & Greed Index rebounded to 61 (Greed) after dipping to neutral during last week’s pullback, leaving further upside room before signaling overheated conditions.
XRP Bull Flag Suggests $3.12 Target
Technically, XRP is trading within a falling wedge pattern, a classic bullish setup. A breakout above the upper resistance line at $2.25 could send XRP to $3.12, representing a 40% potential upside.
The token is also trading above key moving averages, reinforcing a bullish trend.
XRP’s price is rising today due to growing settlement optimism in the Ripple-SEC case, bullish chart signals, and a supportive broader crypto market trend. If confirmed, the resolution could remove major regulatory uncertainty and pave the way for renewed institutional and retail demand.
