XRP News Today: XRP Drops 6% Amid Israel Iran Tensions and SEC Case

On June 13, the price of XRP, the cryptocurrency associated with Ripple, experienced a notable decline, trading at $2.11, which marked a decrease of over 6% in the last 24 hours. This downturn was influenced by two significant events: an airstrike launched by Israel targeting Iran’s nuclear sites and the submission of an updated settlement proposal in the ongoing Ripple vs. SEC case. The airstrike triggered a broader drop in cryptocurrencies, with the total market cap decreasing by 4%. Meanwhile, legal experts expressed concerns that the new filing in the Ripple vs. SEC case did not adequately address earlier issues, adding to the uncertainty surrounding XRP.

The current price level of XRP is facing resistance around $2.34 to $2.35, an area where the price was previously rejected. If XRP can break above this zone, the next target would be around $2.44, with the potential to climb further to $2.60. However, if it fails to surpass this resistance, the price could drop to its nearby support levels at $2.10 and $2.05. Analysts suggest that in the short term, XRP might experience a slow upward move or sideways trading, as there is a bullish divergence on shorter timeframes. This pattern indicates that a sharp drop in the next few days is unlikely. Additionally, XRP may have formed a bottom in April and is currently building a fresh five-wave rally, which 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, potentially sending XRP back towards the $1.94 to $1.79 range.

The recent price fluctuations of XRP are closely linked to the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). The outcome of this lawsuit is anticipated to significantly impact the price of XRP. Some analysts predict that a favorable ruling for Ripple could push the price of XRP to as high as $7 by 2025. However, these predictions are based on speculative analysis and should be approached with caution. The price of XRP has also been affected by broader market trends and geopolitical events, such as the escalating conflicts between Israel and Iran, which have contributed to the recent dip in major cryptocurrencies, including Bitcoin and Ethereum. This has had a ripple effect on the altcoin market, including XRP. Despite these challenges, some analysts remain optimistic about the long-term prospects of XRP. They believe that if XRP can breach the key resistance at $2.35 and sustain upward momentum, the next price target at $3.00 becomes a realistic possibility, representing a 28% increase from the current price.

In summary, the price of XRP is currently in a bearish trend, with the price dropping below $2.30 on June 13. The ongoing legal battle with the SEC and broader market trends are key factors influencing the price of XRP. While some analysts are 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.