XRP price increased by 3.2% following Ripple's announcement of withdrawing its appeal in the legal case against the SEC, spurring new optimism in the market.
Ripple Ends Appeal
Ripple has officially announced the withdrawal of its appeal in its long-standing legal case against the U.S. Securities and Exchange Commission (SEC). CEO Brad Garlinghouse confirmed this through social media, indicating that the company is preparing to focus on its original purpose. Ripple's Chief Legal Officer Stuart Alderoty expressed satisfaction with the current legal situation, highlighting that the legal position of XRP remains unchanged: the court conditions provided clear choices for the company.
Analysts Monitor XRP's Support Level
Despite the market's positive reaction, traders are closely observing key support levels. Market analyst @CasiTrades pointed to a short-term dip in XRP's price, reaching $2.10 before rebounding slightly to $2.145. This movement aligned with anticipated patterns, with the $2.07 level holding significance due to overlapping Fibonacci retracement points and technical markers closely followed by algorithmic traders.
Potential Upside Towards $2.25 and $2.69
Following the expected support test near $2.07, analysts see room for further upward movement. If XRP holds this support, a rebound could push prices toward $2.25 and potentially to $2.69 in the short term. These targets are backed by alignment in trend indicators and resistance projections across technical charts.
With Ripple's withdrawal of the appeal and XRP's movements observed in the market, there is an increase in optimism among traders. However, it is crucial to monitor key support levels and analyze potential risks.
