The price holds support at $3 amidst volatile market movements, as Ripple and the SEC file a joint appeal to dismiss the lawsuit, while technical indicators confirm the bullish 'golden cross' pattern.
Key Notes
The price of Ripple (XRP) rose by 2% on Saturday, August 16, holding above support at $3 despite overall market weakness.
The SEC and Ripple jointly filed a motion to dismiss appeals in the $125 million lawsuit, awaiting final approval from the Court of Appeals.
The resolution includes penalties for Ripple but upholds Judge Torres' ruling that XRP is not a security in secondary trading.
On Friday, the XRP price briefly tested 10-day lows around $3, as weaker-than-expected U.S. producer price index data triggered aggressive selling across global financial markets. The cryptocurrency markets stabilized for recovery after constructive negotiations between U.S. President Donald Trump and Russian counterpart Vladimir Putin on Friday calmed jittery investor nerves.
The update has heightened short-term interest in XRP, and on Saturday the price rose to $3.12 as both parties confirmed their desire to finalize negotiations and close the lengthy litigation.
Although the broader market trend has yet to achieve full bullish momentum, improved legal clarity could potentially support XRP's consolidation above $3 and pave the way for a new rally following the stabilization of macroeconomic conditions.
XRP price forecast remains above support at $3
The daily chart shows that the price is holding at $3.10 after recovering from Friday's test of $3.00. The recent pullback has not yet disproven last week's 'golden cross' formation: the 5-, 8-, and 13-day moving averages are converging above the intraday candle.
The bullish crossover of the 5-day and 13-day moving averages at $3.07 continues to provide foundational support, signaling that momentum remains tilted towards growth despite the market's volatile swings over the past 48 hours.
The Relative Strength Index (RSI) is at 51.28, which is close to neutral, with potential for growth if buying volumes resume. Moreover, the upper shadow of the XRPUSD candle on the daily timeframe pressing against the short-term moving averages is a bullish consolidation signal that often precedes a decisive breakout.
With solid support firmly established at $3, the next resistance levels lie near $3.20 and $3.35, where sellers previously capped last week's gains.
If bullish momentum strengthens and bears are unable to defend these levels, the price may continue to recover to $3.65, testing the peak from 2025 reached in July.
