The post Ripple Settles, XRP Slumps: Price Fails To Capture $2.50 Despite Legal Win appeared first on Coinpedia Fintech News
Big news coming out of the SEC vs. Ripple case—it’s officially over! Last week, the SEC dropped its appeal, and now a final resolution has been reached. Ripple will pay a $50 million fine and it has also agreed to drop its cross-appeal, and the judge’s earlier injunction will be lifted.
Ripple’s Chief Legal Officer, Stuart Alderoty, shared the following update: Last week, the SEC agreed to drop its appeal without conditions. Ripple has now agreed to drop its cross-appeal. The SEC will keep $50M of the $125M fine (already in an interest-bearing escrow in cash), with the balance returned to Ripple.”
“The agency will also ask the Court to lift the standard injunction that was imposed earlier at the SEC’s request. All subject to Commission vote, drafting of final documents and usual court processes,” he added.
While this marks a legal victory for Ripple, the XRP price has failed to react to the news. Despite the settlement and legal win, XRP remains stuck below the $2.50 mark.
XRP Price Analysis: Rally When?
Looking at XRP’s price action, the chart still shows signs of a larger bearish divergence. On the 3-day time frame, this divergence remains active, hinting at a lack of strong momentum either way.
The price is mostly bouncing sideways, trading between key support and resistance levels. According to analyst Josh of Crypto World, in the short term, XRP is bouncing between support levels ranging from $2.24 to $2.30 and $1.95 to $2.05, with recent support found at $2.36. As for resistance, the price faces short-term resistance at $2.56, with higher resistance levels between $2.65 to $2.80, and around $3.
Crypto analyst Steph is Crypto also shared a chart showing a very bullish future for XRP– a breakout from a multi-year bull flag pattern.
At the moment, XRP’s price is lacking momentum in either direction. It’s neither overly bullish nor bearish and remains relatively neutral in the short term.
