XRP News Today: XRP Surges 4.67% as Ripple Drops Cross-Appeal in SEC Case

XRP is currently in a critical phase, approaching a key resistance level as it completes its fifth Elliott Wave. Analyst Morecryptoonl has noted that XRP is likely finishing the fifth wave of its Elliott Wave pattern, which is a bullish indicator. On the 1-hour Bitstamp chart, the bullish wave (5) remains active, with the price holding near $2.18. This movement follows a rebound from the $2.04 level, which aligns with the 50% Fibonacci retracement from wave “C.”

The current wave structure shows that earlier waves (1) to (4) remain intact. The bullish scenario suggests that XRP could reach $2.27–$2.29, the 223.60%–238.20% Fibonacci extension range. A breakout at this level would confirm the bullish continuation, while a rejection could threaten the wave’s integrity. At the time of writing, XRP is trading at $2.19, having risen 4.67% over the past 24 hours.

Short-term momentum supports further upside, but the structure could break down if momentum weakens below $2.18. The $2.04 level now acts as critical support in the event of a retracement. Ripple Labs has taken significant steps to finalize its legal case with the U.S. Securities and Exchange Commission. On June 27, 2025, CEO Brad Garlinghouse announced that Ripple would drop its cross-appeal. This follows Judge Analisa Torres’s denial of a joint motion for an indicative ruling.

Ripple is expected to drop its cross-appeal, and the SEC is also expected to withdraw its appeal, effectively ending the dispute. Judge Torres reaffirmed that the original 2023 ruling stands. XRP is not classified as a security in public markets, though institutional sales were violations under securities law. As part of the ruling, Ripple agreed to a $125 million penalty. A permanent injunction now restricts the firm from institutional sales in the U.S. Stuart Alderoty, Ripple’s Chief Legal Officer, said the company chose to accept the decision and move forward. Ripple now refocuses on developing its cross-border payment infrastructure and expanding global adoption.