The crypto market has seen XRP rise over 7% after significant legal news concerning the SEC's lawsuit against Ripple. This surge has sparked optimism among investors, but key resistance levels still stand in the way of a full breakout.
US SEC Drops Ripple Lawsuit
The US Securities and Exchange Commission (SEC) has officially agreed to drop its lawsuit against Ripple, marking a significant victory for the company and the entire crypto industry. Ripple CEO Brad Garlinghouse announced the news in an X post, confirming that the five-year-long legal battle, which began in 2020, has finally come to an end.
Key Resistance Levels for XRP
Following the announcement, XRP has rebounded to $2.49 and is now testing the critical resistance of the 50-day and 100-day simple moving averages (SMAs) within an ascending channel, forming a potential head and shoulders pattern. A successful breakout above this level could initiate a promising uptrend, pushing XRP toward the $3.00 resistance zone.
What's Next for XRP?
With legal uncertainty now behind Ripple, the focus shifts to technical breakout levels and market sentiment. If buyers can push XRP above MA resistance, the token could accelerate towards new highs, potentially targeting $3.00 and beyond.
The removal of legal threats allows Ripple to focus on achieving technical levels and adjusting market sentiment. Overcoming critical resistances may lead XRP to new highs.
