- XRP price has strengthened its traction above $3 after the SEC and Ripple finally terminated their five-year court battle.
XRP price has risen to two-week highs of $3.38 on Friday, building on the momentum created by the settling of the court case pitting Securities and Exchange Commission (SEC) against XRP issuer, Ripple Labs. The two entities jointly filed to dismiss their appeals, bringing to a halt one of the most protracted legal battles in the cryptocurrency industry that had lasted nearly five years.
The termination of the case clears the path for XRP’s institutional adoption and raises the prospect of XRP spot ETF approval in the third quarter of the year. Meanwhile, Ripple has acquired payments platform, Rail, creating another major avenue for increased institutional adoption of its RLUSD stablecoin. Furthermore, that could increase XRP utility and adds support to the coin’s upside potential.
The termination of the case has set XRP price on course to register its first weekly gain in three weeks, defying the broader market trend. That said, Bitcoin’s return above the $115k barrier could inject a fresh impetus into the market and potentially add traction to XRP’s momentum. Furthermore, the coin’s 24-hour trading volume jumped by 175% amidst the price rise, signaling a strong bullish appetite. If the market-wide momentum holds, XRP price could test the $4 psychological barrier and hit a new all-time high.
XRP Price Prediction
The momentum on XRP price calls for further upside if action stays above the pivot mark at $3.29. With the buyers in control, the coin will likely meet initial resistance at $3.36. Breaking above that level will signal a stronger momentum that could result in gains to test $3.40.
Alternatively, going below $3.29 will favour the sellers to take control. That will likely see the first support established at $3.26. Breaking below that level will invalidate the upside narrative and potentially result in a stronger decline to test $3.22.
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