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In a major development for Ripple and its token XRP, the U.S. Securities and Exchange Commission (SEC) has officially dropped its appeal in the ongoing legal battle with Ripple Labs. CEO Brad Garlinghouse confirmed the news and celebrated the decision, marking a key victory for Ripple. Following the announcement, XRP saw a price surge, gaining more than 10% and peaking at $2.57. However, the excitement was short-lived, with the price now stabilizing at $2.47 as the market adjusts.
According to analyst Josh of Crypto World, as of now, XRP continues to experience a larger bearish divergence on the 3-day time frame. This trend has been actively playing out for several months, with a consistent expectation of limited bullish momentum. While short-term price action may show occasional bullish moves, the overall technical outlook suggests that XRP is unlikely to see upward momentum anytime soon.
Short-Term Positive Price Action: A Bounce from Key Support
XRP has bounced off a previous resistance level and successfully flipped it into new support. This is a positive price structure, indicating that the market may see short-term recovery. The key support zone for XRP is between the $2.25–$2.30 range. The fact that XRP has held this level and bounced from it suggests some stability in the short-term outlook.
Resistance Levels to Watch
As XRP pushes higher, the next resistance to watch lies in the $2.60–$2.80 range. Previous resistance levels in this range will likely continue to exert downward pressure. Specifically, the $2.65 and $2.80 levels will be critical for determining whether XRP can maintain momentum beyond this point. Additionally, if XRP breaks through these resistance zones, the $3 mark will likely be the next major hurdle.
RSI Indicator: Potential Overbought Conditions Ahead?
The Relative Strength Index (RSI) is an important tool to watch during this rally. Right now, the RSI is getting close to overbought levels, which suggests XRP may be near its peak for the short term. In the past, when the RSI reached these levels, it often led to a small price drop. While there’s still some room for XRP to rise, the increasing RSI may signal it’s approaching a resistance point, which could cause the price to cool down.
Bitcoin’s Influence on XRP Price Movement
XRP’s price is also closely tied to Bitcoin’s movements. If Bitcoin continues to see bullish momentum, XRP is likely to follow suit with positive price action. However, if Bitcoin experiences a decline, XRP may also face downward pressure.