07.08.2025 22:34
Following the unexpected joint withdrawal of appeals by Ripple and the U.S. Securities and Exchange Commission in their protracted legal battle, the price of XRP has experienced a significant and rapid increase. This decisive action, removing a major source of uncertainty surrounding the cryptocurrency, has injected considerable bullish sentiment into the market.
Currently trading near $3.24 on Binance, XRP has rallied substantially from recent lows around $3.05. Market data reveals a 4% increase over the past 24 hours, with a market capitalization exceeding $184 billion and a trading volume surpassing $5.1 billion. This robust performance underscores the positive market reaction to the resolution of the legal dispute.
Technical indicators on the 30-minute chart confirm the strength of the rally. A clear breakout above the $3.20 resistance level is evident. While the Relative Strength Index (RSI) has surged above 85, suggesting the possibility of a short-term correction, the strong bullish momentum indicated by the Moving Average Convergence Divergence (MACD) remains dominant. Therefore, while a minor pullback is possible, the overall trend strongly favors further upward movement. Subsequent resistance levels are anticipated around $3.50 and $3.80, a price point not seen since earlier this year; $3.10 now represents a key support level.
The removal of legal uncertainty is poised to significantly alter market sentiment towards XRP. Positive legal outcomes in the cryptocurrency sector have historically spurred significant capital inflows, and this effect could be especially pronounced for XRP, given its utility in facilitating cross-border payments and its established institutional partnerships. Continued buying pressure could propel XRP towards its multi-year highs near $4.00 in the coming months. A sustained breakout above this level could potentially pave the way for a rise towards $5.00 before the year's end, contingent on a broadly positive market environment. However, aggressive profit-taking by traders could, conversely, dampen this momentum. The coming weeks will be crucial in determining the extent of this price surge.
