XRP Price Prediction as SEC Says Ripple Token Not a Security, Drops Its Lawsuit
The XRP price surged over 13% in the last 24 hours to trade at $2.54 at the time of writing.
This surge in the Ripple Token price comes after the US Securities and Exchange Commission (SEC) dropped its multi-year-long legal battle with Ripple Labs regarding the security status of the company’s native XRP coin.
Also read: The Rise and Impact of Ripple Labs
CEO Brad Garlinghouse took to X to celebrate the landmark development, which has surely set a precedent for how US regulators will view many cryptos.
“This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it,” Garlinghouse said in an X post earlier today.
Also read: Ripple Expands to Dubai: First Full License in the Middle East Secured
XRP Price Analysis: Potential Breakout or Reversal Ahead?
Daily chart for XRP/USDT (Source: TradngView)
XRP has shown a mixed performance on the daily chart, with recent price action oscillating between support and resistance levels. While the price has demonstrated some bullish momentum, it remains at a critical juncture, with technical indicators painting a picture of indecision.
The latest closing prices indicate a modest recovery, with XRP pushing above its short-term moving averages. The 9-day EMA is attempting to rise, signaling an improvement in short-term momentum, while the 20-day EMA remains slightly above, acting as a dynamic resistance. If the price can sustain itself above these levels, a continuation towards the key resistance at $2.5673 could be in play. A decisive break above this level could open the door for further gains toward $2.7245 and potentially $2.7619.
Still a Hint of Selling Pressure on the XRP Daily Chart
On the other hand, XRP has seen price rejections near resistance zones, hinting at underlying selling pressure. The support at $2.325 remains an important level to watch. A breach below this threshold could expose XRP to deeper losses, with $2.2712 and $2.2124 as the next key support zones. If the price falls below these levels, it may invite further bearish sentiment.
The MACD histogram has been gradually improving, showing a reduction in bearish momentum. The MACD line is moving closer to its signal line, suggesting a potential bullish crossover. If this crossover materializes, it could reinforce buying interest and support a further uptrend. However, if the MACD starts to roll over before confirming a bullish signal, it may indicate that the upside remains limited for now.
Also read: Ripple Labs Teams Up with BDACS to Revolutionize Institutional Crypto Adoption
The RSI has rebounded from lower levels, signaling a shift toward neutral territory. It recently moved above the midpoint, suggesting that bullish momentum is attempting to gain control. A sustained move above 50 would confirm strength, while any decline back toward oversold levels could indicate renewed weakness.
For traders, a long position could be considered if XRP closes decisively above $2.5673, with targets near $2.7245 and $2.7619. A stop-loss below $2.325 would help manage risk. Conversely, a short position could be explored if XRP fails to break resistance and falls below $2.325, targeting support at $2.2712 and $2.2124, with a stop-loss above $2.5673.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
