In a significant update for Ripple and its token XRP, the SEC has withdrawn its appeal in the ongoing legal battle with Ripple Labs. This led to a spike in XRP's price, which later stabilized.
Short-Term Positive Price Action
XRP has bounced off a previous resistance level, turning it into support, indicating possible short-term recovery. The key support zone is between $2.25 and $2.30.
Resistance Levels to Watch
XRP faces upcoming resistance in the $2.60–$2.80 range. The $2.65 and $2.80 levels are crucial in determining further movement.
RSI Indicator and Bitcoin's Influence
The Relative Strength Index (RSI) approaches overbought levels, signaling a potential peak in short-term XRP growth. XRP's price is also influenced by Bitcoin: a bullish Bitcoin could lift XRP, whereas a Bitcoin decline might exert downward pressure.
The SEC's appeal withdrawal is a significant milestone for Ripple and XRP. Although there was an initial price surge, the token's price has since stabilized. Future movements will depend on technical indicators and Bitcoin's influence.
