XRP News: Cryptocurrency Enters Consolidation Phase After Initial SEC Boost, Price Struggles at Key Resistance

XRP, the cryptocurrency associated with Ripple, has experienced a rollercoaster ride recently, with an initial surge in price following a boost from the Securities and Exchange Commission (SEC) now giving way to a consolidation phase. Here’s a closer look at the latest developments and what they mean for the future of XRP.

XRP Loses Momentum After SEC Boost and Enters Consolidation Phase

After an initial surge, XRP has entered a phase of consolidation with prices stuck between key support and resistance levels. Technical indicators reflect a market on pause, with momentum fading and direction unclear. The Relative Strength Index (RSI) has dropped from 63.90 to 52.89, signaling weakening bullish momentum and increasing uncertainty among market participants.

XRP Price Struggles at Key Resistance

XRP price started a fresh recovery wave above the $2.450 zone but is struggling to clear the $2.480 and $2.50 resistance levels. The price is now trading above $2.420 and the 100-hourly Simple Moving Average, with a connecting bullish trend line forming with support at $2.430 on the hourly chart. If the price breaks the $2.420 support zone, it might extend losses.

Ripple Accepts SEC Settlement, Reduces Fine to $50 Million

Ripple Labs has reached a settlement with the US Securities and Exchange Commission (SEC), effectively ending their prolonged legal battle. The company has agreed to drop its appeal and will pay a reduced fine of $50 million, down from the initially ordered $125 million. The SEC has also indicated its intention to ask the judge to lift the ‘obey the law’ injunction previously imposed on Ripple. This resolution marks an end to a legal saga that began in 2020 when the SEC filed a lawsuit against Ripple, alleging that the company had conducted an unregistered securities offering through the sale of XRP.

Ripple: XRP Forecasted To Reach $10 by 2030

Ripple’s native token XRP is currently trading around the $2.45 mark. The altcoin has surged nearly 280% this year, going from a low of $0.50 to a high of $3.20. Several developments have pushed its price up, with the latest being the SEC dropping the lawsuit against Ripple Labs, igniting optimism. Ryan Lee, a financial analyst at Bitget, predicts that XRP has the potential to reach $10 by 2030.