- XRP broke above $2.5 resistance for the first time in two weeks, claiming a high of $2.59
- Brad Garlinghouse confirmed that the SEC is dropping its appeal against Ripple Labs
- XRP reclaimed the 20-day EMA, a line that now acts as support, which if it holds, could push XRP to $3
XRP has surged in value following Ripple’s victory in its long-standing battle with the SEC, triggering a powerful rally that has broken through key resistance levels. Ripple CEO Brad Garlinghouse himself confirmed the close of their long-running lawsuit with the United States Securities and Exchange Commission (SEC).
Data from CoinMarketCap shows the cryptocurrency surged past the $2.50 resistance mark, hitting a daily high of $2.59. Investors are celebrating this price jump, which coincides with the conclusion of the SEC lawsuit filed back in 2020.
Ripple Claims Victory
After four years of legal wrangling and millions spent on fees, the SEC decided to drop its appeal against Ripple, officially closing the case.
The lawsuit, which had accused Ripple of an unregistered securities offering worth $1.3 billion, has been a major point of contention in the crypto world. With this legal obstacle now removed, Ripple can concentrate on further expanding the utility and adoption of XRP.
“This is it — the moment we’ve been waiting for,” Garlinghouse stated in a video on X, confirming the resolution of the case.
Related: Smart money sees market dip as prime opportunity to buy Bitcoin, XRP & Ondo
On-Chain Metrics Show Increased Market Activity
Blockchain analysis platform Santiment has reported that XRP has moved independently of the broader altcoin market, surging by 14% and breaking the $2.50 resistance level for the first time in nearly two weeks.
There’s also been a notable increase in whale activity, with wallets holding at least 1 million XRP accumulating an additional 6.5% of the coin in the past two months.
In addition, address activity on the XRP network has seen a massive spike in March, with nearly six times more unique wallets interacting compared to previous months. This clearly indicates a surge in demand for XRP following Ripple Labs’ landmark victory.
XRP Price Analysis: Eyeing the $3 Mark
At the time of writing, XRP is trading at $2.46, up 7.89% over the last 24 hours, with a trading volume of $10 billion—a staggering 215.46% increase in just one day.
The XRP token has reclaimed the 20-day Exponential Moving Average (EMA) at $2.37, which could now act as a crucial support level. If this holds, XRP may continue its upward momentum.
Looking ahead, the $2.75 upper Bollinger Band represents a significant resistance level. A successful breakout above this could pave the way for XRP to retest the $3 psychological barrier.
Related: Ripple CTO David Schwartz Explains Why Bitcoin Lost Its Transactional Edge
Meanwhile, the Relative Strength Index (RSI) is currently at 46.83, suggesting that XRP is neither overbought nor oversold. The gradient of the line indicates short-term traders taking profit after the massive price surge.
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