XRP News Today: XRP Eyes $8 Breakout as Ripple-SEC Lawsuit Ends and Price Holds Above Key Support

XRP price remains in a short-term uptrend as it consolidates above key support levels following a rebound from the $2.85–$2.95 area. On August 9, the price is trading at $3.29, with a 24-hour decline of 0.64% but still holding above its 9-day simple moving average (SMA) and a rising trendline from mid-June. Resistance is currently forming around the $3.33–$3.40 range, a zone that has previously capped the asset’s upward movement [1]. A breakout from this area would signal bullish continuation, with potential price targets at $3.50 and $3.60, while a failure to clear it could result in sideways trading or a pullback to the $3.00–$3.10 level [2].

Technical indicators remain generally favorable for XRP. The RSI (14) is at 60.73, indicating bullish momentum with room before overbought territory. The ADX (14) stands at 31.33, suggesting a strong trend in place. MACD (12,26) is at 0.118, reflecting positive momentum, while the CCI (14) of 142.90 and Ultimate Oscillator at 59.54 both point to strong buying pressure. The Bull/Bear Power (13) at 0.3476 reinforces that buyers are currently in control [1].

Market sentiment has been bolstered by the recent resolution of the Ripple vs. SEC case, which ended a five-year legal battle and removed regulatory uncertainty. The positive outcome led to a 12.22% price surge to $3.33 within 24 hours. Whale activity has also contributed, with over $1.9 billion in XRP transacted in the wake of the legal victory, signaling growing institutional confidence [1]. Analysts suggest that if XRP can break through the $3.39 resistance level, it could target $3.55, $3.70, and eventually the $4.00 level [2].

Looking ahead, the short-term price forecast for August 9 is between $3.32 and $3.6863. Some projections indicate that XRP could reach $3.9443 if it maintains control over the $3.20–$3.22 support level. Chart patterns, such as a textbook bull flag, have historically signaled potential price surges, and analysts speculate that sustained momentum could drive XRP toward $8 to $15 in the coming months [2].

However, caution is advised. If XRP closes below $3.00, it may expose the $2.80 level, and a breakdown there could send the price toward $2.55. A bearish scenario would involve a retest of the $2.90 area and a potential pullback toward the 200-day EMA at $2.95. Despite these risks, the broader outlook remains positive, with the legal resolution serving as a catalyst for renewed investor interest and institutional adoption [3].

The resolution of the Ripple-SEC lawsuit is viewed as a landmark moment for the crypto regulatory landscape in the U.S., offering a clearer path for XRP to gain traction in institutional markets. With regulatory uncertainty lifted, analysts are now watching whether XRP can sustain its upward movement and potentially reach the $8 target in the near future [2].

Source:

[1] https://coinmarketcap.com/community/articles/68969eb13e7f0939817a8581/

[2] https://bravenewcoin.com/insights/xrp-price-prediction-xrp-eyes-8-breakout-as-ripple-sec-lawsuit-officially-ends

[3] https://30rates.com/ripple-price-prediction-tomorrow-week-month-xrp-forecast