- Summary:
- XRP price has a strong underlying upside sentiment following the SEC's withdrawal of its case against Ripple Labs. But there's more to come.
The crypto market is signaling signs of recovery, but XRP price eased down on Thursday, trading at $2.47 and at -2.2% on the daily chart. That signals caution by investors as the coin has struggled to find support at $2.50 in the last three weeks. Nonetheless, XRP gained more than 11% on Wednesday, and there is an underlying bullish sentiment.
XRP price spiked on Tuesday as news came out that the Securities and Exchange Commission (SEC) dropped its appeal against the coin’s issuer, Ripple Labs. Brad Garlinghouse, Ripple Labs CEO, announced the news via his X account, to a rapturous response by not only XRP holders, but the broader crypto market.
The move ended a more than four-year legal tussle that has weighed down on XRP price, and investors are currently upbeat of its growth prospects. However, the SEC was yet to confirm the decision, hours after Garlinghouse’s X post.
Looking ahead, the momentum on XRP price could get more upthrust if its application for a spot ETF approval is successful. The coin is used to settle transactions on Ripple’s digital payments platform, seen as a potential successor to the SWIFT system. In addition, its inclusion in a Strategic Federal Cryptocurrency Reserve is likely to help it attract more institutional investors.
However, the broader crypto market is still reeling from the adverse impact of a trade tariff war among the United States and its leading trading partners. The tariffs have injected strong risk aversion in the markets, leading to a reduced appetite for high-risk assets like cryptocurrencies. This set up limits XRP price upside prospect despite the excitement surrounding the SEC news.
XRP Price Prediction
The XRP price pivot mark is at $2.49 and the sellers will have their way if resistance persists at that level. The coin will likely find its first support at $2.45. However, an extended control by the sellers will break below that level and test $2.41.
Conversely, moving above $2.49 will signal a shift by the momentum to the upside. In that case, the action will likely go higher and encounter the first hurdle at $2.53. Going above that level will invalidate the downside narrative. Also, such momentum could extend gains and test $2.56.
