XRP Fails to Rally as Ripple Agrees to Drop Cross-Appeal Against SEC
📉 XRP Trading at $2.46 Despite Legal Development
XRP is currently trading at $2.46, significantly higher than previous levels. Despite Ripple Labs dropping its cross-appeal against the SEC, the price surge indicates a broader bullish sentiment in the crypto market, possibly driven by speculation or whale activity.
🔍 Key Legal Development:
Cross-Appeal Withdrawal: Ripple’s decision to drop its cross-appeal, initially filed to challenge certain aspects of the court’s previous ruling, aims to accelerate the legal resolution.
Impact on XRP: Surprisingly, XRP has rallied despite the legal uncertainty, suggesting investors are betting on a favorable settlement or broader market momentum.
📊 Technical Analysis: Resistance and Support Levels
Resistance:
$2.50 – $2.60: Immediate resistance zone. A breakout above this could trigger further bullish momentum.
$3.00: Key psychological resistance. Flipping this into support could signal a strong upward trend.
Support:
$2.30: Current support level. A drop below this could lead to a retest of lower zones.
$2.00: Major support. Losing this level may trigger heavier selling pressure.
RSI: The Relative Strength Index is around 72, indicating overbought conditions, which may lead to a short-term pullback.
MACD: The MACD line is trending above the signal line, confirming strong bullish momentum.
🔥 XRP’s Price Outlook Amid Legal Uncertainty
Despite the unresolved legal battle, XRP’s price surge signals strong market confidence. However, traders should watch for potential profit-taking, as overbought conditions may trigger a temporary correction.
📈 Price Prediction:
Bullish Scenario: If XRP breaks above $2.60, it could target $3.00 – $3.50 in the short term.
Bearish Scenario: A drop below $2.30 could lead to a correction toward $2.00 – $1.85.
Consolidation: XRP may trade between $2.30 – $2.60 until a clear breakout or legal update occurs.
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