Ripple Chief Legal Officer Stuart Alderoty referred to the Kraken case on Friday, saying,
“Some SEC lawyers are still playing old games, earning yet another admonishment from a federal judge today—this time in the Kraken case. This conduct must end swiftly or risk undermining the efforts of SEC Crypto 2.0.”
XRP Price Trends: A Tipping Point
XRP’s near-term trends hinge on the SEC’s appeal strategy and progress toward an XRP-spot ETF market. A withdrawal could drive XRP above its all-time high of $3.5505. XRP could break above $4 if the SEC approves pending XRP-spot ETF applications. On the downside, pursuing the appeal and rejecting the spot ETF applications could drag XRP below $2.
XRP Price Action
Daily Chart
Despite ongoing uncertainty about the appeal, XRP remains well above the 50-day and 200-day Exponential Moving Averages (EMA), sending bullish price signals.
A breakout from the January 24 high of $3.2043 could signal a move toward the January 16 high of $3.3999. A return to $3.3999 may enable the bulls to target the 2018 all-time high of $3.5505.
SEC-related activity and Ripple case-related news require consideration.
Conversely, an XRP drop below $3 could indicate a retreat toward the $2.5 level. A fall through $2.5 may give the bears a run at the $2 level, a potentially crucial psychological support level if the SEC pursues its appeal.
With a 14-day Relative Strength Index (RSI) reading of 63.58, XRP could climb to the January 16 high of $3.3999 before entering overbought territory (RSI above 70).
