XRP on the Move! Could a New All-Time High Be on the Horizon?
The crypto world is buzzing as Ripple (XRP) surges, fueled by a positive market mood and significant developments in its long-running legal battle with the U.S. SEC.
Positive Momentum: Following news of a potential resolution to the five-year lawsuit, XRP's price jumped, reaching an intraday high of $3.38. The cross-border token is now eyeing its previous all-time high of $3.66, which was set on July 18.
Legal Resolution Nears: Ripple and the SEC have filed a joint motion to the Second Circuit, asking to reject appeals and effectively end the litigation. This is a major step toward bringing closure to the legal uncertainty that has weighed on XRP.
Settlement Details: While a $50 million settlement was previously agreed upon by both parties, Judge Analisa Torres rejected the motion, citing procedural issues. The SEC is now due to provide a status report to the court by August 15, and the recent joint motion suggests a resolution is imminent.
Bullish Indicators: The MACD indicator is showing a buy signal, suggesting that XRP's current momentum is bullish. A daily close above the $3.38 resistance level could pave the way for a push toward the record high of $3.66 and even a medium-term target of $4.00.
Key Levels to Watch: Key support levels have been identified around the 50-period, 100-period, and 200-period Exponential Moving Averages (EMAs) at $3.07, $3.06, and $2.95, respectively.
The market is watching closely to see if XRP can break its previous record and enter a new phase of price discovery.