Ripple’s Ongoing Legal Battle with the SEC

As Ripple’s legal battle with the U.S. SEC continues, complexity increases with existing rulings impacting both parties, especially after Ripple filed a cross-appeal against the SEC’s appeal.

The recent extension of Ripple’s filing deadline to April indicates that Commissioners Mark T. Uyeda and Hester Peirce may need to proceed with caution regarding their next steps. This development also decreases the chances of the case moving to a full panel review, adding further uncertainty.

> Hey, Bill! Hope all is well! I believed Ripple would not have filed their cross-appeal had the SEC not appealed in the first place. Still, Ripple’s request to extend their filing to April shows that Atkins will need to figure the next steps out.
> — Sherrie 🌸 (@CherryEmpress21) February 21, 2025

XRP Price Dips and Market Trends

As for XRP, it’s currently priced at $2.58, reflecting a 2.88% decline in the last 24 hours and a 6.90% drop over the past week. Despite recent dips, it has a circulating supply of 58 billion tokens and a market capitalization of $151.37 billion.

Recent price movements suggest a bullish attempt for XRP, but it faces significant resistance. Analyst EGRAG CRYPTO reports XRP trading at $2.67, approaching key resistance levels at $2.75, $2.83, $2.91, and $3.00. To confirm a real upward trend, XRP must break above these resistance levels.

Related: XRP Holders React to Gary Cardone’s Statement on Selling XRP

$3.00: XRP’s Immediate Price Hurdle

XRP’s immediate resistance is at $3.00, a historically critical level. If XRP can close above this mark on a monthly basis, analysts anticipate a breakout towards Fibonacci extension price targets ranging from $4.30 to $6.40. These projections support a bullish trend, assuming strong momentum.

> #XRP Short-Term & Long Term Price Targets ( $4-$6 and $33-$60)
>
> ⚪️ Short-Term: #XRP is currently trading at $2.67, showing strong bullish movement but facing resistance around ~$2.75-$2.83-$2.91 and $3.00.
>
> ◻️ Resistance & Breakout Levels:
> ▫️The… pic.twitter.com/9Lp6zEsi3p
> — EGRAG CRYPTO (@egragcrypto) February 21, 2025

Long-Term Price Projections and Market Scenarios

EGRAG CRYPTO also mentions a potential parabolic arc formation signifying different market trends, suggesting long-term targets for XRP could range between $33 and $60. A consistent monthly close above $3.00 may boost bullish sentiment and drive prices toward Fibonacci extension levels of $8, $13, $27, and $67.

Bearish Scenario: Pullback to $1.90-$2.00 Possible

However, failing to break above $3.00 might result in a pullback to $1.90 or $2.00, which aligns with historical support levels. A severe downturn could see prices drop to the $0.90-$1.00 range, raising concerns about a broader market decline. Although this bearish outlook is less favored, external factors such as regulatory scrutiny may influence price movements.

Technical Indicators and Market Sentiment

XRP/USD daily price chart, Source: TradingView

Currently, XRP’s Relative Strength Index (RSI) is at 48.28, indicating neutral momentum without overbought or oversold conditions.

Related: XRP Surpasses Ethereum in Trading Revenue on Coinbase for the First Time

The Moving Average Convergence Divergence (MACD) suggests short-term bearish momentum as the MACD line remains below the signal line. These indicators signal a period of consolidation, with traders observing the $3.00 resistance level for the next significant move.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or any kind of advice. Coin Edition is not responsible for any losses incurred as a result of utilizing any content, products, or services mentioned. Readers are advised to exercise caution before taking actions related to the company.