Key Insights:
- Ripple has settled its long-standing legal dispute with the U.S. SEC by agreeing to pay a $125 million penalty.
- XRP price could rally 18% toward $2.60 if breaks out of the prolonged upper boundary of channel pattern.
The latest XRP news is that Ripple has finalized its legal battle with the United States Securities and Exchange Commission (SEC).
XRP Latest News: Ripple vs SEC Battle Over?
According to recent reports, Ripple will pay a $125 million penalty for unregistered securities, while XRP’s status has been reaffirmed as a non-security following the dropped appeals.
Following the recent XRP news, sentiment around the asset has turned bullish, along with its price action. The daily chart reveals that the asset is on the verge of a massive upside move, and interest from both investors and analysts in the token has skyrocketed.
Meanwhile, another optimistic development for XRP is that traders and investors have placed strong bullish bets and increased accumulation over the past 24 hours, suggesting potential upside momentum.
Despite these recent developments, XRP’s price has remained stable over the past 24 hours, recording a modest change of -0.35% and trading near the $2.18 level.
During this period, investor and trader participation also declined, resulting in a 51% drop in trading volume, which appears to be a negative sign for the asset.
XRP Price Action and Upcoming Levels
According to expert technical analysis, XRP’s price appears to be at a make-or-break level. The daily chart reveals that the asset has been hovering within a descending channel pattern, and with the recent upside move, the price has reached the upper boundary of the channel.
Based on recent price action and historical patterns, if the current market sentiment remains unchanged, there is a strong possibility that history could repeat itself and the price could drop to the $2 level in the future.
However, if the latest XRP news causes the asset to break out of the prolonged descending channel pattern and close a daily candle above the $2.22 level, an impressive 18% price surge could be witnessed. If this happens, XRP’s price could reach the $2.60 level in the future.
At press time, XRP’s price is facing resistance from the 50-day Exponential Moving Average (EMA) on the daily timeframe, which suggests the asset is in a downtrend. This resistance appears to be causing selling pressure, which may explain the ongoing consolidation near this level over the past four trading days.
On the other hand, the Relative Strength Index (RSI) stands at 50, indicating neutral momentum in the market, where neither buyers nor sellers currently have a clear advantage. This level often suggests a potential shift in trend depending on upcoming price action.
On-Chain Metric Flashes Bullish Sentiment
Given the current market sentiment, traders and investors appear to have a strong bullish outlook, as revealed by the on-chain analytics firm CoinGlass.
Data from spot inflow/outflow shows that exchanges across the crypto landscape recorded an outflow of $2.57 million worth of XRP in the past 24 hours.
This substantial outflow suggests potential accumulation, which could lead to buying pressure and help XRP break out of the upper boundary of the channel pattern.
Meanwhile, traders appear to be strongly betting on long positions. According to on-chain data, traders are currently over-leveraged at $2.143 on the lower side and $2.23 on the upper side.
At these levels, long positions outnumber short positions. The data shows that traders have built $20.18 million worth of long positions at $2.143, compared to $14.55 million worth of short positions at the $2.23 level.
This suggests that the bulls are back in action and could soon propel the asset to the $2.60 level.
