- XRP price jumped after Ripple withdrew its cross-appeal against the SEC
- CEO Brad Garlinghouse called it the end of Ripple’s long legal fight
- Technical signals hint at a bullish rebound after this healthy correction
XRP saw a 3.2% price jump in the last 24 hours and this increase came after Ripple announced it was withdrawing its cross-appeal in the long-running legal battle with the U.S. Securities and Exchange Commission (SEC). The move, which effectively ends one of the crypto industry’s most-watched court cases, pushed the token to its current price of $2.18 as investors cheered the news.
Ripple CEO Brad Garlinghouse confirmed the news on social media, saying, “We’re closing this chapter once and for all and focusing on what’s most important – building the Internet of Value.” The SEC is also expected to withdraw its appeal soon, effectively bringing an end to one of the crypto industry’s most closely watched court cases.
Meanwhile, Ripple’s Chief Legal Officer Stuart Alderoty said the company is satisfied with where things stand legally. “The court gave us two options: dismiss the appeal or move forward. Either way, XRP’s legal status as not a security remains unchanged,” he said.
What’s Next For XRP Price?
Despite the bullish development, market analyst CasiTrades issued a caution to XRP traders, explaining that the token might be heading toward a crucial support level at $2.07 before making its next big move.
CasiTrades explained that XRP recently experienced a controlled pullback, hitting a dip at $2.10 before rebounding slightly to $2.145. This was expected and part of a typical market pattern. The analyst said that $2.07 is an important price level because several technical indicators, like Fibonacci retracements and market extension levels, all align there.
“When multiple fib levels line up, algorithms and big traders take notice. This is often where markets reverse direction,” CasiTrades added.
Related: Ripple-SEC Deal Was in Trouble Even Before the Judge’s Ruling – Analyst
The selling pressure is weakening and RSI (Relative Strength Index) is showing bullish signals across several timeframes, supporting that the current drop is just a healthy correction, not a breakdown.
Related: Ripple’s Escrow Dilemma After Torres Ruling: Who Really Owns the 37 Billion XRP?
According to CasiTrades, once XRP finds support around $2.07, the token could bounce back toward $2.25 and possibly even reach $2.69 in the coming days.
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