The legal showdown between Ripple Labs and the U.S. SEC has taken a pivotal turn, as both parties move toward a potential resolution. Recently, both parties jointly filed a motion requesting the court to revise its earlier judgment. The motion aims to reduce Ripple’s financial penalty from $125 million to $50 million, return $75 million in escrowed funds, and lift the injunction on institutional XRP sales, which is a major source of regulatory contention.
Meanwhile, the investor’s sentiment around XRP has turned notably bullish in recent days. Following the news of the proposed settlement, the price experienced a minor uptick, trading around $ 2.2. If the legal clarity materializes, the XRP price projections range from $1.5 to $3, as the current price action indicates towards the beginning of a broader rally. Some more optimistic technical forecasts even target up to $4.5, based on breakout patterns and historical resistance levels.
As seen in the above chart, the XRP price has reached the edge of the consolidation and hence is speculated to undergo a bullish breakout. Although the price has been experiencing a notable upward pressure over the past few weeks, the token has managed to hold firmly above the ascending support of the bullish pennant. Therefore, a breakout is expected to elevate the levels to a new ATH.
Despite the bearish pressure, the weekly RSI has remained strong above the ascending trend line, hinting towards a rising bullish potential. On the other hand, the weekly MACD shows a drop in the selling pressure, while the levels are going parallel to each other, displaying the possibility of a bullish crossover. Hence, the XRP price is expected to break above the crucial resistance and clear $2.5 initially and later make it above $3. If the price sustains above these levels, then the token is expected to form new highs around $3.6 to $3.7 in the short term before facing a rejection.
However, in the long term, the XRP price target remains beyond $5 to $8, which may be extended to $10.
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