XRP’s Structural Integrity Holds Strong Amid Legal Turbulence: Analyst Eyes $2.07-$2.10 Support
Despite recent legal setbacks involving Ripple and the SEC, XRP's structural integrity remains robust, with key support levels holding firm. Crypto analyst CasiTrades maintains a bullish outlook, highlighting the altcoin's resilience and potential for recovery. This article delves into the technical indicators and market sentiment surrounding XRP's price action, offering insights into its future trajectory.
XRP Analyst Maintains Bullish Outlook Despite Legal Setback
XRP's price volatility following Judge Analisa Torres' rejection of Ripple's joint motion with the SEC has sparked short-term uncertainty. Yet, crypto analyst CasiTrades asserts the altcoin's structural integrity remains unshaken, with key support at $2.07-$2.10 holding firm.
Fibonacci levels at 0.618 and 0.5 suggest a classic ABC correction pattern, positioning Wave C as the final leg of this downturn. Momentum indicators reinforce the thesis that XRP's rally could resume once this corrective phase concludes.
XRP Price Surges After Ripple Lawsuit Update and Mideast Calm
XRP, the native digital asset of Ripple, has experienced a significant rebound amid broader crypto market recovery. The token's price currently hovers around $2.18, marking a 0.19% daily gain and a more substantial 5.13% weekly increase.
Two key catalysts are driving the resurgence: Ripple's decision to drop its cross-appeal in the ongoing SEC lawsuit, and de-escalation of geopolitical tensions in the Middle East. While trading volume has dipped 48.38% to $1.62 billion, market capitalization has edged up 0.22% to $128.87 billion.
The legal development represents a strategic pivot for Ripple, potentially signaling a shift toward resolution in the protracted SEC case. Market participants appear to be interpreting the MOVE as favorable for XRP's regulatory outlook.
Ripple's Post-2018 XRP Sales Deemed Legal Under SEC Ruling
Ripple's institutional XRP sales conducted after 2018 do not violate the SEC's conditions, according to a recent legal interpretation of a court injunction. Attorney Fred Rispoli clarified that the temporary restraining order applies only to pre-2018 sales, leaving current and future institutional transactions unaffected—provided they deviate from the earlier structure.
The SEC had previously argued that Ripple's $728 million XRP sales to institutional investors from 2013 to 2018 constituted unregistered securities offerings. While the court sided with Ripple regarding public sales via crypto exchanges, it agreed with the SEC on the institutional sales during that period. The resulting injunction specifically prohibits Ripple from replicating its 2018-style transactions, which involved selling 3% of its XRP holdings.
This ruling marks a pivotal moment for Ripple, allowing the company to continue institutional sales under revised terms. The decision underscores the nuanced regulatory landscape for digital assets, where historical transactions face scrutiny while evolving frameworks accommodate new practices.
Developer's $20,000 XRP Prediction Reignites Market Speculation
A controversial forecast by game developer Chad Steingraber has resurfaced, suggesting XRP could reach $20,000 per token through institutional adoption of the XRP Ledger. The theory hinges on mass stablecoin and CBDC issuance on the network, which WOULD require XRP for transaction settlements.
Steingraber's 2022 proposal gained fresh traction after being reposted on social media. His model projects exponential demand growth if hundreds of assets migrate to XRP's blockchain—a scenario where even 100 new token integrations could theoretically generate billions in annual demand.
The XRP community remains divided on the feasibility of such targets, with the token currently trading around $2. Market observers note that while institutional blockchain adoption is accelerating, Steingraber's prediction would require unprecedented network activity and regulatory clarity.
XRP's Legal Clarity Sparks Rally Potential as SEC-Ripple Lawsuit Narrows Focus
Judge Analisa Torres' rejection of a joint SEC-Ripple motion has effectively decoupled XRP from the ongoing litigation, according to XRPL validator Vet_X0. The denial preserves Ripple's $50 million settlement offer while removing regulatory uncertainty surrounding the token itself.
XRP breached $3 in January 2024 following Ripple's partial legal victory, demonstrating market sensitivity to legal developments. With spot ETF applications pending under new pro-crypto SEC leadership, the asset appears poised for renewed institutional interest.
The lawsuit's narrowing scope eliminates a key obstacle from XRP's 2021 bull run. Market participants now view the case as a corporate matter rather than a systemic threat to the token's regulatory status.
Ripple CEO's 1000% Commitment Boosts XRP Price to $2.19
XRP surged 12% to $2.19 after Ripple CEO Brad Garlinghouse unveiled an XRP-themed tattoo commemorating the July 2023 court victory, declaring "1,000%" commitment to the project. The planetary design marks the legal milestone that clarified XRP's status.
Market influencers interpreted the permanent body art as a rare corporate executive endorsement, with Digital Asset Buy noting: "When a Harvard MBA inks his skin with a crypto symbol, it transcends marketing - this is institutional conviction made visible."
The price movement coincides with Ripple's final resolution of its SEC lawsuit, removing a key overhang for the payment-focused cryptocurrency. Trading volume spiked 40% on major exchanges following Garlinghouse's social media reveal.
