XRP News Today: XRP Soars 3.2% as Ripple Withdraws Cross-Appeal in SEC Battle

Ripple's decision to withdraw its cross-appeal in the legal battle with the U.S. Securities and Exchange Commission (SEC) has sent the price of XRP soaring. The cryptocurrency experienced a 3.2% price jump in the last 24 hours, reaching $2.18. This move effectively ends one of the most-watched court cases in the crypto industry, as the SEC is also expected to withdraw its appeal soon.

Ripple CEO Brad Garlinghouse confirmed the news on social media, stating that the company is closing this chapter and focusing on building the Internet of Value. Ripple's Chief Legal Officer Stuart Alderoty expressed satisfaction with the current legal status, emphasizing that XRP's status as not a security remains unchanged regardless of the court's decision.

Despite the bullish development, market analysts have issued a caution to XRP traders. According to CasiTrades, XRP might be heading toward a crucial support level at $2.07 before making its next big move. The analyst explained that XRP recently experienced a controlled pullback, hitting a dip at $2.10 before rebounding slightly to $2.145. This was expected and part of a typical market pattern. The $2.07 price level is important because several technical indicators, like Fibonacci retracements and market extension levels, all align there. When multiple fib levels line up, algorithms and big traders take notice, which is often where markets reverse direction.

The selling pressure is weakening and the Relative Strength Index (RSI) is showing bullish signals across several timeframes, supporting that the current drop is just a healthy correction, not a breakdown. According to CasiTrades, once XRP finds support around $2.07, the token could bounce back toward $2.25 and possibly even reach $2.69 in the coming days.

Ripple's legal developments have significantly impacted the price of XRP, with the cryptocurrency experiencing a 3.2% price jump in the last 24 hours. This surge came after Ripple announced its decision to withdraw its cross-appeal in the ongoing legal battle with the Securities and Exchange Commission (SEC). The legal dispute, which has been a focal point for the cryptocurrency community, has had a profound effect on XRP's market sentiment. The withdrawal of the cross-appeal by Ripple is seen as a strategic move, potentially paving the way for a resolution that could benefit both parties. The legal battle has been a significant factor in the volatility of XRP, with any news or developments in the case having the potential to sway the cryptocurrency's price dramatically. The outcome of this legal battle is crucial for the future of XRP, as it could set a precedent for how other cryptocurrencies are regulated. The decision by Ripple to withdraw its cross-appeal has been met with mixed reactions from analysts and investors. Some view it as a positive development that could lead to a more favorable outcome for Ripple, while others are cautious about the potential implications for the broader cryptocurrency market. The legal battle between Ripple and the SEC has been ongoing for several years, with both parties filing appeals and counter-appeals. The recent announcement by Ripple's CEO that the SEC would drop its appeal has been hailed as a "resounding victory" for the company. This development has further fueled speculation about the potential resolution of the legal dispute and its impact on XRP's price. The legal battle between Ripple and the SEC has been a significant factor in the volatility of XRP, with any news or developments in the case having the potential to sway the cryptocurrency's price dramatically. The outcome of this legal battle is crucial for the future of XRP, as it could set a precedent for how other cryptocurrencies are regulated. The decision by Ripple to withdraw its cross-appeal has been met with mixed reactions from analysts and investors. Some view it as a positive development that could lead to a more favorable outcome for Ripple, while others are cautious about the potential implications for the broader cryptocurrency market. The legal battle between Ripple and the SEC has been ongoing for several years, with both parties filing appeals and counter-appeals. The recent announcement by Ripple's CEO that the SEC would drop its appeal has been hailed as a "resounding victory" for the company. This development has further fueled speculation about the potential resolution of the legal dispute and its impact on XRP's price.