XRP News Today: XRP Eyes $3.23 Resistance as SEC Meeting Nears

XRP has recently retested a double-bottom formation near the $3.10 level, signaling potential bullish momentum. According to market analyst DeGram, the cryptocurrency rebounded from this key support area and is now consolidating above $3.15 following the retest [1]. This pattern is typically seen as a positive sign, as it confirms that the support level held and validates the potential for a reversal in price direction. At the time of reporting, XRP was trading at $3.14, inching closer to its $3.23 resistance zone, a level that could see further upward movement if bullish conditions persist [1].

The retest of the double-bottom pattern aligns with broader regulatory developments surrounding the asset. On July 31, the U.S. Securities and Exchange Commission (SEC) will hold a closed meeting where it may decide whether to withdraw its appeal in the ongoing Ripple v. SEC litigation. A decision in favor of ending the appeal would bring finality to the legal dispute and affirm the court’s prior ruling that XRP is not a security when sold on public exchanges [1]. This outcome could significantly enhance regulatory clarity, potentially accelerating institutional interest and paving the way for XRP spot exchange-traded fund (ETF) approvals.

Ripple Labs has already taken legal steps toward resolution by voluntarily dropping its cross-appeal and paying the full $125 million court penalty, despite a reduced $50 million settlement proposal being rejected by Judge Analisa Torres in June [1]. This shows a clear commitment by Ripple to bring the legal matter to a close. However, the SEC has yet to formally vote on withdrawing its own appeal. Legal analyst Marc Fagel has clarified that the SEC has not conducted any alleged secret or multiple closed-door meetings, and only one formal commission vote is required to proceed with the appeal withdrawal [1].

The August 15 deadline is often cited as a key milestone, but it is not a hard cutoff for finalizing the appeal. Instead, it marks the date by which both parties must file a status report with the appellate court. The SEC could still request an extension if necessary [1]. Therefore, the July 31 meeting remains the most immediate and decisive event for XRP’s legal trajectory.

Market analysts are optimistic that a favorable SEC decision could lead to a significant price surge for XRP. With legal uncertainty diminishing, price targets have already begun to rise, and a move toward $3.40 appears increasingly plausible [1]. Investors and traders are closely watching both the regulatory developments and price action for confirmation of XRP’s potential breakout. A successful retest of the double-bottom pattern combined with a favorable court outcome could position XRP for renewed institutional adoption and a broader acceptance within the cryptocurrency market. Conversely, a delay or continued legal battle would maintain uncertainty and limit the asset’s upside potential.

---

[1] Source: [XRP Retests Double Bottom While SEC Vote Hangs in Balance](https://coinpaper.com/10266/xrp-retests-double-bottom-while-sec-vote-hangs-in-balance)