In a twist worthy of a Dostoevsky novel, the legal duel between Ripple Labs and the U.S. SEC has taken a dramatic turn. Both parties, perhaps tired of their own legal soap opera, have decided to file a motion together, asking the court to reconsider its earlier judgment. The goal? To slash Ripple’s financial penalty from a staggering $125 million to a mere $50 million, return $75 million in escrowed funds, and lift the injunction on institutional XRP sales. Because who doesn’t love a good plot twist in the world of finance? 🎭
Here’s the Impact on XRP Price
Meanwhile, the mood among investors has shifted from gloomy to downright sunny! ☀️ Following the news of this proposed settlement, XRP’s price has seen a slight uptick, now flirting with the $2.2 mark. If the legal fog clears, projections for XRP’s price could range from $1.5 to $3, hinting at the dawn of a broader rally. Some overly optimistic analysts are even dreaming of $4.5, based on breakout patterns and historical resistance levels. Dream big, right? 😅
As illustrated in the chart above, XRP is perched on the edge of consolidation, poised for what many speculate to be a bullish breakout. Despite the recent upward pressure, the token has managed to cling to the ascending support of the bullish pennant like a cat on a hot tin roof. A breakout could very well catapult it to new all-time highs. 🚀
What Technicals Say!
Despite the bearish clouds looming overhead, the weekly RSI remains robust, clinging to the ascending trend line like a lifebuoy in a stormy sea, hinting at rising bullish potential. Meanwhile, the weekly MACD is showing signs of a drop in selling pressure, with levels moving parallel, suggesting a possible bullish crossover. So, what’s next? XRP is expected to break through crucial resistance, clearing $2.5 initially, and then aiming for the elusive $3. If it can hold above these levels, we might just see new highs around $3.6 to $3.7 before facing a reality check. 😬
But wait, there’s more! In the long run, the XRP price target is rumored to be beyond $5 to $8, with whispers of it possibly reaching $10. So, keep your fingers crossed and your wallets ready! 💸
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2025-06-17 14:54