Ripple’s SEC Appeal Dropped: A Boost for XRP

Yesterday, March 19, was a significant day for the cryptocurrency market, marked by the announcement that the SEC will drop its appeal against Ripple.

Ripple, known for its cross-border blockchain solutions, utilizes the XRP cryptocurrency in its services. The end of its legal troubles positively affected XRP’s price, which jumped 11% within minutes.

XRP has gained significant attention in recent months. Since November, its price has surged 500%, reaching a new all-time high, fueled by discussions about its inclusion in the U.S. Digital Asset Stockpile and the potential for an XRP ETF.

The historical high for XRP was $3.40, established in January. Recent analysis using Bollinger Bands suggests the potential for this record to be surpassed soon.

The Bollinger Bands indicator, developed by John Bollinger, utilizes the 20-day moving average and two standard deviations from it, indicating that XRP may have a promising outlook in the upcoming weeks, aiming for a new all-time high.

Currently, on the weekly time frame, XRP has found support at the middle band, which it has tested over the past two weeks. This scenario allows XRP to engage with both sellers and buyers at the upper band, now positioned at $3.489, representing a 2.59% increase over the recent peak.