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The XRP community finally got some good news this week. Ripple has decided to drop its cross-appeal in its long-running court battle with the U.S. Securities and Exchange Commission (SEC). Ripple CEO Brad Garlinghouse made the announcement on social media on June 27. He also revealed that the SEC is expected to drop its own appeal soon. In a statement, Garlinghouse said, “We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value.”
XRP Price Update
Following the news, XRP’s price turned green and showed a small recovery. However, if we look at the bigger picture, XRP is still in a bearish trend. This means the price has been making lower highs and lower lows over time.
Like most downtrends, there are short-term bounces where the price moves up a bit before heading lower again. To officially confirm a bullish trend reversal, XRP would need to form a higher low or break above a key resistance level, showing signs of strength.
As of now, those signals haven’t shown up yet.
Key Levels to Watch
Here are the important support and resistance levels for XRP in the coming days:
Support: The price has been finding support between $2.25 to $2.21. If XRP falls below this, the next major support is between $1.92 to $1.95, which is where the price recently bounced back from.
Resistance: On the upside, XRP is facing resistance at around $2.19 to $2.20. If it manages to break this level, the next hurdles are at $2.25 and then between $2.30 to $2.35.
At the moment, not much has changed in XRP’s overall price action. It’s still moving within the same range, and traders are waiting for a clearer breakout in either direction.