Ripple’s XRP is sitting at $3.38 after an 11.1% weekly gain, following renewed speculation after a big legal development. The rally started when Ripple and the SEC filed with the 2nd Circuit Court of Appeals to dismiss their appeals, which means the 5 year legal battle may be over.
Ripple’s Chief Legal Officer, Stuart Alderoty, confirmed both sides agreed to pay their own fees – a big sign that the whole thing is wrapping up.
The SEC’s 2020 lawsuit alleged that XRP’s sales constituted unregistered securities offerings. In a 2023 landmark ruling, the court determined that XRP sales on exchanges like Coinbase and Binance were not securities transactions, though Ripple was found liable for certain institutional sales.
A proposed $50 million settlement earlier this year was rejected by the court, but the latest filing — with an SEC update due by August 15 — suggests a final resolution could be imminent. A legal settlement could clear the path for broader institutional participation, particularly if exchange-traded funds (ETFs) tied to XRP become a reality.
XRP Technical Breakout Targets $3.65
XRP price prediction is bullish as XRP is in action on the 2-hour chart, showing a breakout from a symmetrical triangle pattern formed after an 18% decline in late July. The breakout, supported by a strong ascending trendline, drove prices nearly 20% higher to challenge resistance at $3.38.Momentum indicators align with this bullish bias — the MACD has flipped positive after a crossover, while the RSI holds near 60, suggesting room for further upside before overbought conditions emerge.
The consolidation just below resistance resembles a bull flag formation, hinting at another potential leg higher. The 50-period simple moving average (SMA), now at $3.12, is rising alongside the trendline, providing a critical support zone for dip buyers. If bulls secure a decisive close above $3.38, Fibonacci projections and measured move calculations point toward $3.51, followed by $3.65 — just shy of the 2018 all-time high.
Immediate resistance: $3.38
Next upside targets: $3.51, $3.65
Key supports: $3.21, $3.12
Breakout confirmation: Close above $3.38 on rising volume
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