- XRP news today: Legal optimism in Ripple-SEC case fuels talk of XRP hitting $3.00
- Bitcoin hits record weekly close (near $106.5k), setting a positive crypto market tone
- XRP needs to break $2.54 resistance for a rally; SEC meeting May 22 is critical
Bitcoin made headlines by closing its highest-ever weekly price at just under $106,500. As that happened, XRP is also drawing attention. There is growing legal optimism in the Ripple vs. SEC case. This situation is prompting discussion on whether XRP could reach $3.00 next, despite a slight pullback in its price to around $2.29, down 4.5% over the past 24 hours.
According to CoinMarketCap data, XRP’s recent 24-hour high of $2.44 signals a resistance zone. The price also lost support from the 20-day Exponential Moving Average (EMA) at $2.33.
Legal Optimism in Ripple vs. SEC Case Fuels XRP Sentiment
Many crypto market participants appear fairly certain Judge Analisa Torres will rule in favor of Ripple. This optimism continues even after Thursday’s (May 15th) rejection of the SEC’s request for an indicative settlement decision related to the case.
Related: Top Legal Expert Breaks Down Ripple-SEC Latest Setback, Raises Six Key Questions
Ripple’s Chief Legal Officer Stuart Alderoty characterized the rejection as a mere procedural matter. Others, however, seem less convinced of its simplicity. Legal experts like James Murphy (known on X as @MetaLawMan) and Bill Morgan voiced valid concerns. These include points about whether the SEC even holds procedural clearance to submit a settlement request under Rule 60.
The legal fog surrounding the Ripple SEC case may begin to clear after the SEC’s upcoming closed meeting on Thursday, May 22. That day could significantly sway XRP’s direction.
XRP Price Action: Technicals Show Tense Path to Potential $3.00 Target
The XRP/USDT daily chart, with data often seen on TradingView, reflects a mixed sentiment currently. After XRP failed to break above the key $2.50 resistance level, it now faces downward pressure. XRP is consolidating near the 0.236 Fib level ($2.26) after not breaking the 0.618 level at $2.54.
Related: XRP Price Prediction for May 19: Is a Reversal Building After the $2.30 Bounce?
A successful bounce above $2.54 could open the path toward the 1.0 Fib extension at $2.83. That move would then set up a bullish target of $3.29 at the 1.618 level, potentially putting the $3.00 XRP price within reach.
MACD Weakens for XRP; Neutral RSI Awaits Lawsuit Outcome
On the other hand, the MACD indicator shows that XRP momentum is weakening. The MACD line crossed below the signal line. This crossover points to potential short-term bearishness unless more buying volume supports a reversal.
Further, the RSI stands at 48.90, hovering near neutral territory. This reading suggests XRP is neither overbought nor oversold right now. This gives XRP flexibility to pivot in either direction based on the outcome of news from its lawsuit against the SEC.
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