Recent price movements in XRP have been influenced by legal updates in the pending case between SEC and Ripple Labs.
Legal Obstacles and Market Impact
The recent price movement in XRP coincided with a legal update regarding the ongoing case between the SEC and Ripple Labs. According to official court filings, both parties submitted a joint status report to the Second Circuit Court, requesting a pause in appeal proceedings while awaiting a decision on a pending motion for an indicative ruling. This effectively postpones any potential resolution until August.
Trading Data and Participant Activity
Data from the XRP Ledger shows a 24-hour spot volume of $4.03 billion, representing an increase of more than 155%. Currently, XRP is trading at $2.21, reflecting a minor intraday drop of 0.08%. Its market capitalization is listed at $130 billion, with a fully diluted valuation of $221 billion based on its maximum supply of 100 billion tokens.
Technical Analysis of XRP Price Chart
The technical chart of XRP price in a 12-hour scope shows that the price was resisted at the level of $2.35, after which it declined back down to $2.21, where it seems to be consolidating. Key support and resistance levels continue to be essential for traders awaiting potential breakouts or breakdowns.
XRP traders are remaining cautious as they await further developments in the Ripple-SEC case, with legal updates and volume dynamics being crucial market movers.
