XRP Price Holds Above $3 as Ripple and SEC Confirm Joint Dismissal Request
XRP Price Holds $3 as Ripple–SEC Case Nears Final Resolution
Ripple (XRP) price increased by 2% on August 16, remaining above the $3 support level despite a wider market downturn.
Key points include:
- XRP tested 10-day lows near $3 due to weaker US PPI data, prompting sell-offs.
- Market stabilized after talks between US President Trump and Russian President Putin calmed investors.
- The SEC filed a status report indicating both parties requested dismissal of the ongoing lawsuit.
- This news led to a short-term price rebound for XRP, reaching $3.12.
- Holding above $3 indicates market confidence in XRP's potential upside.
- A final resolution in the SEC case could catalyze significant capital inflows.
Ripple Price Forecast: Golden Cross Remains Intact Above $3 Support
XRP is trading at $3.10 after recovering from lows of $3.00. The recent pullback does not invalidate the golden cross formation present last week.
Additional details include:
- The bullish crossover between 5-day and 13-day moving averages provides support at $3.07.
- The Relative Strength Index (RSI) is at 51.28, indicating potential for upward momentum.
- Resistance levels are identified at $3.20 and $3.35, while recovery could extend to $3.65.
- Failure to maintain $3 could lead to a drop towards the $2.50 support zone.