XRP News Today: XRP Price Surges 3.7% Despite Legal Uncertainty

XRP, the cryptocurrency associated with Ripple, has been in the spotlight following a significant court ruling on May 16. Judge Analisa Torres denied both the SEC and Ripple’s joint motion to lift the institutional sales injunction and reduce penalties. This decision has left the regulatory status of XRP uncertain, causing a stir in the crypto markets. Analyst Eleanor Terrett noted that Judge Torres is not allowing the parties to walk away easily, while attorney John Deaton highlighted that the court is seeking a credible argument that serves both public and institutional interests. Deaton also suggested that a revised motion could eventually be approved, but not for several months.

Ripple’s next steps involve continuing its cross-appeal, while the SEC may still appeal the programmatic sales ruling. With a June 16 court deadline for a settlement update approaching, the legal drama surrounding XRP is far from over. The case could still go in three directions: a full settlement, appeals to the U.S. Court of Appeals or Supreme Court. A Supreme Court ruling would set a precedent not just for XRP but for the entire crypto market. The concern for XRP bulls is the timing of these legal proceedings. A prolonged court battle or an SEC win on appeal could delay or hinder future XRP-spot ETF approvals in the U.S., which previously boosted optimism in July 2023. With the SEC becoming more aggressive in crypto enforcement, XRP’s legal future is closely tied to Washington’s evolving stance on digital assets.

Despite the legal uncertainties, XRP has shown technical strength. After holding above $2.314, it broke out of the descending channel and is now at $2.40. The 50-period EMA at $2.382 has flipped to support, indicating a bullish sign. The MACD has crossed below zero with green histogram bars, suggesting increasing upside momentum. The candlestick pattern is also improving with a bullish engulfing candle followed by consolidation, indicating that buyers are absorbing selling pressure. For new traders, XRP has just climbed out of a price slide and is now resting on a ledge. If it can get above $2.44, it could start to rally. The entry point is set at a breakout above $2.440, with targets at $2.504 and $2.568, and a stop-loss below $2.369.

In conclusion, XRP is navigating a complex landscape both legally and technically. However, for now, bulls have short-term control, making the XRP price prediction bullish. A confirmed move above $2.44 could be the trigger that propels it to $2.56, even as the legal battles continue. The core issue now is credibility. Ripple may insist that a settlement is required to withdraw its cross-appeal, and if the SEC does not cooperate, the case could spiral into another multi-year battle. The future of XRP remains uncertain, but its technical strength and the ongoing legal proceedings will continue to shape its trajectory in the coming months.