XRP News Today: XRP jumps 11% on Ripple SEC win as short squeeze fuels rally past $3.29

XRP surged over 11% within 24 hours following Ripple’s long-awaited legal victory against the SEC, marking it as one of the top-performing digital assets in the market. The move came as the legal battle, which had loomed over the token for years, was officially resolved, lifting a key overhang that had constrained its price performance [1]. The outcome has rekindled interest from both retail traders and institutional investors, signaling renewed confidence in XRP’s future [1].

The initial price jump was largely driven by a short squeeze, as XRP rapidly moved past key resistance levels at $3.08, $3.19, and $3.29 [1]. These levels had previously acted as price barriers where selling pressure had stalled upward movement. Once the token breached them in quick succession, short sellers—traders who had bet on a price decline—were forced to cover their positions to limit losses, creating a self-reinforcing buying cycle [1]. According to Bitget data, over $500 million in short positions were liquidated during this period, reflecting the scale of the price reversal [1].

The Bull-Bear Power (BBP) index has also flipped positive, confirming that buyers are currently in control. The index, which measures the strength of buying versus selling pressure, turned green as XRP broke out of a triangle pattern. This simultaneous alignment of price action and sentiment metrics strengthens the case for a sustained rally [1].

Additionally, the Chaikin Money Flow (CMF) indicator has turned positive after reaching its lowest level since June, indicating a return of capital inflows into XRP [1]. A rising CMF typically reflects growing investor confidence, which can provide further upward momentum. The combination of a bullish BBP and a turning CMF suggests that the rally is backed by real on-chain activity rather than speculative hype [1].

Looking ahead, XRP has already cleared three critical resistance levels, with the next key targets at $3.45 and $3.64. The $3.64 level is particularly significant as it aligns with a large short liquidation zone [1]. If bulls can maintain control and push the price past this level, it could trigger another round of forced buying from short sellers, potentially leading to a more substantial move. However, failure to stay above $3.29 or a reversal in CMF could lead to a pullback toward lower support levels, invalidating the current bullish outlook [1].

Overall, the technical indicators and on-chain data support the possibility of a continued rise in XRP, but market participants should remain cautious. The path to $3.64 remains a critical test for the bulls, and continued strength in both price and sentiment metrics will be essential for a successful breakout [1].

Source: [1] XRP Price Surges 11% After Ripple’s SEC win: Can It Break $3.64? (https://coinmarketcap.com/community/articles/6895f71fe21b950c870dd327/)