XRP News Today: XRP Drops 6% Amid Geopolitical Tensions and SEC Legal Battle

XRP, the cryptocurrency associated with Ripple, has been experiencing significant price fluctuations in recent days. On June 13, the price of XRP was trading at $2.11, marking a more than 6% decrease in the last 24 hours. This downturn was influenced by several factors, including geopolitical tensions and developments in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).

On June 13, Israel launched an airstrike targeting Iran’s nuclear sites, which triggered a drop in cryptocurrencies. As a result, the total cryptocurrency market cap dropped by 4%. Adding to this, in the ongoing Ripple vs. SEC case, both parties submitted an updated settlement proposal the same day. However, legal experts have expressed concern that the new filing still doesn’t resolve the earlier concerns. This uncertainty has contributed to the bearish sentiment surrounding XRP.

Despite the recent price drop, XRP has been moving within a bullish pattern. The important price level to watch is around $2.34 to $2.35. This is the same area where the price was rejected not long ago, and it continues to act as a hurdle for XRP. If XRP manages to break above this zone, the next target will be around $2.44, and if the trend continues, it could climb up to $2.60. However, if the price fails to break through, there’s a chance it could drop to its nearby support levels. The first support is at $2.10, while stronger support can be found at $2.05.

On the shorter timeframes, there’s a bullish divergence still in play, which means the chances of a sharp drop in the next couple of days are low. Analysts suggest that we might see either a slow upward move or sideways trading for now. Additionally, XRP might have already formed a bottom in April, and since then, it seems to be building up a fresh five-wave rally. This pattern is often seen when a market trend is preparing to push higher. As long as XRP stays above the $2.11 mark, the positive outlook remains strong. However, if the price falls below $2.11, it could trigger a deeper correction, possibly sending XRP back towards the $1.94 to $1.79 range.

In summary, the price of XRP is currently facing tough resistance and has dropped below $2.30 on June 13. The ongoing legal battle with the SEC and broader market trends, including geopolitical events, are key factors influencing the price of XRP. While some analysts remain optimistic about the long-term prospects of XRP, the current market sentiment suggests that bears have retaken control, and the price could continue to decline in the short term. The next key resistance level to watch is around $2.34 to $2.35, and if XRP can break above this zone, it could target $2.44 and potentially climb up to $2.60. However, if the price fails to break through, it could drop to its nearby support levels at $2.10 and $2.05.