XRP News Today: Ripple Withdraws Appeal XRP Surges 3.2%

Ripple, the company behind the cryptocurrency XRP, has officially withdrawn its cross-appeal in the ongoing legal dispute with the Securities and Exchange Commission (SEC). This decision comes after a prolonged legal battle that has significantly impacted the cryptocurrency market. Following this announcement, XRP experienced a 3.2% price increase in the last 24 hours, reflecting a positive market sentiment towards the resolution of the legal dispute.

The legal dispute between Ripple and the SEC has been a contentious issue in the cryptocurrency world. The SEC had accused Ripple of conducting an unregistered securities offering through the sale of XRP, while Ripple maintained that XRP is a currency and not a security. The withdrawal of the cross-appeal by Ripple suggests a potential shift in the company's strategy, possibly aiming for a more amicable resolution or focusing on other legal avenues.

The market's reaction to Ripple's decision to end the appeal indicates a sense of relief among investors. The prolonged legal uncertainty had created volatility and hesitation in the market, with many investors waiting for a resolution before making significant moves. The 3.2% price increase in XRP suggests that the market views the withdrawal of the appeal as a positive development, potentially paving the way for clearer regulatory guidelines and greater stability for the cryptocurrency.

Ripple CEO Brad Garlinghouse announced the news through his social media, stating that the company is prepared to devote itself to its original purpose. The Chief Legal Officer of Ripple, Stuart Alderoty, expressed satisfaction with the current legal situation, emphasizing that the legal position of XRP remains unchanged. The court conditions provided Ripple with clear choices, allowing the company to focus on its business growth.

Despite the market’s positive response, traders are closely observing key support levels. Market analyst CasiTrades pointed to a short-term dip in XRP’s price, reaching $2.10 before rebounding slightly to $2.145. This movement aligned with anticipated patterns. According to the analyst, the $2.07 level holds significance due to overlapping Fibonacci retracement points and technical markers, which are closely followed by algorithmic traders.

Although the token faced selling pressure, technical signals indicate that the correction is not a breakdown. The Relative Strength Index has shown bullish signals across multiple timeframes. CasiTrades highlighted that weakening selling pressure and historical patterns suggest the current price action is a temporary pullback rather than a reversal.

Following the expected support test near $2.07, analysts see room for further upward movement. If XRP holds this support, a rebound could push prices toward $2.25 and potentially to $2.69 in the short term. These targets are backed by alignment in trend indicators and resistance projections across technical charts.

The resolution of the legal dispute could have broader implications for the cryptocurrency market. It may set a precedent for how other cryptocurrencies are regulated and could influence the development of future regulatory frameworks. For XRP, a favorable outcome could lead to increased adoption and integration into mainstream financial systems, potentially driving further price appreciation.