Against the background of the decision of the US Securities and Exchange Commission (SEC) regarding the lawsuit, there was an increase in bullish trends in the cryptocurrency market, which led to the XRP price reaching the $2.59 mark. Ripple CEO Brad Garlinghouse has confirmed the SEC’s rejection of the lawsuit, which could have a positive impact on the XRP price.
XRP price Analysis
After the SEC decision, the price of XRP reached $2.59, which indicates a significant increase in buyer pressure and a high level of demand. Support at $2.30 – $2.40 has strengthened the accumulation zone, which creates favorable conditions for further growth.
The $2.60 resistance level has become a key barrier that needs to be overcome for further gains in the dollar. A break above the $2.50 level has been confirmed, indicating an increase in bullish sentiment in the US market.
Technical analysis
On the four-hour chart, a break above the $2.50 level is supported, while support at $2.30– $2.40 remains crucial. A pullback to $2.40 is possible if the selling pressure increases.
On the daily chart, XRP recovered from lows around $1.78. Consolidation above $2.10 – $2.30 indicates a stable basis for growth in the market. A break above $3.20 could lead to a test of the $3.50\level.
Technical indicators
The Relative Strength Index (RSI) remains neutral at 55.6, indicating that the asset is not overbought or oversold. Stochastic at 66.5, CCI at 66.4, ADX at 17.8. The MACD indicator at the level of \ -0.03 indicates a bullish signal. Moving averages on all periods generate positive signals.
Output
XRP is showing strong bullish momentum. A breakout on all key timeframes and buy signals confirm the upside potential of the pair. A possible target is in the range of $3.20 to $3.50 dollars while maintaining buying pressure.
However, XRP is facing strong resistance around $2.60 and $3.20. Momentum indicators show neutral values, which may indicate a possible exhaustion of bullish momentum. A pullback to $2.10 is possible if the sales volume decreases and the inability to maintain support at $2.30.
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