XRP has maintained a steady position above $3 after a volatile week influenced by both legal and macroeconomic developments that foster optimism among investors.
Price Stability and Macroeconomic Factors
XRP has held steady above $3 following a volatile week, jumping from $2.78 to $3.10 after Federal Reserve Chair Jerome Powell's dovish comments at the Jackson Hole symposium. The positive outlook on a potential September interest rate cut contributed to this sharp increase. Additionally, the Second Circuit Court granted the Joint Stipulation of Dismissal of Appeals in the Ripple SEC case, boosting investor confidence.
Support at $2.8
Following the spike, XRP retraced slightly as traders secured profits, slipping 0.76% in the last 24 hours to $3. The token has proven strong enough to recover whenever it dipped below $3. The $2.8 support level has been crucial as buyers stepped in aggressively, halting the bearish trend.
Legal Clarity and Market Optimism
The resolution of Ripple's legal battle has significantly reduced regulatory uncertainty surrounding XRP. Analysts indicate that the clarity in law and the potential for monetary easing has created a favorable environment for further growth. Despite ongoing short-term fluctuations, the conclusion of the SEC case provides a reasonable basis for confidence in the asset.
XRP's ability to maintain above $3 highlights sustained buyer interest even amid profit-taking. With legal hurdles cleared and a solid support zone at $2.8, analysts see potential for a push toward $3.60 as long as the $3 support holds.
