XRP Surges 11% as Ripple-SEC Lawsuit Concludes and Volume Hits 300 Million
XRP has experienced a significant price surge and increased trading volume, driven by institutional buying and a favorable legal resolution. Key points include:
- Trading volume reached 300 million during peak buying.
- Price rose 11% from $2.99 to $3.30 within 24 hours.
- The SEC lawsuit conclusion may enhance institutional participation in U.S. markets.
- New resistance established at $3.33; strong support above $3.10 noted.
- ETF filing from SBI Holdings adds demand potential alongside the bullish trend.
Technical Analysis Overview
- XRP's price volatility was 12%, ranging between $2.97 and $3.33.
- Heavy accumulation observed above $3.10, with consolidation between $3.30 and $3.33.
- Bull flag formations indicate potential breakout targets of $8.00 to $15.00.
Legal Context
- The SEC and Ripple Labs have concluded their appeals, resolving a multi-year litigation issue.
- The Second Circuit Appeals Court recognized the dismissal, with both parties bearing their own costs.
Market Considerations
- Traders are monitoring follow-through buying from U.S. institutions post-litigation.
- Watch for ETF approval timelines in Japan and other markets.
- Potential retest of the $3.33 resistance with a near-term target of $3.65.
- Increased retail interest anticipated following the legal victory.