XRP is showing increasing signs of bullish momentum following the end of the legal dispute between Ripple and the SEC. We focus on the latest developments in the chart and market conditions.
XRP Forms Bullish Pattern
XRP's chart has shown a bullish engulfing candle, signaling a potential reversal in market sentiment. Technical analyst EGRAG CRYPTO pointed out this significant pattern, suggesting it could mark the end of the bearish trend.
End of Ripple vs. SEC Case
On August 7, Ripple and the SEC filed a joint dismissal of appeals, formally concluding nearly five years of legal battles, significantly reducing regulatory uncertainty for XRP. Ripple’s Chief Legal Officer, Stuart Alderoty, confirmed this move on social media.
Current Market Conditions of XRP
Currently, XRP is trading at $3.34 after bouncing back from the lower boundary of its ascending channel. The price is nearing resistance at $3.55. Indicators like the MACD and the RSI are showing positive trends.
The conclusion of the legal process between Ripple and the SEC likely had a favorable impact on market sentiment regarding XRP, which continues to show strong chart signals. This opens up new opportunities for future growth.
