XRP Surges 10% After SEC Drops Appeal, Faces Bearish Trend
3min read In a significant development for Ripple and its associated token XRP, the U.S. Securities and Exchange Commission (SEC) has officially withdrawn its appeal in the ongoing legal dispute with Ripple Labs. This decision was confirmed by Ripple CEO Brad Garlinghouse, who celebrated the outcome as a pivotal victory for the company. Following the announcement, XRP experienced a notable price surge, gaining over 10% and reaching a peak of $2.57. However, the market quickly adjusted, and the price stabilized at $2.47.
Ask Aime: What is the potential impact of the SEC withdrawing its appeal in the Ripple lawsuit on the value and market perception of XRP?
According to analyst Josh of Crypto World, XRP is currently experiencing a larger bearish divergence on the 3-day time frame. This trend has been persistent for several months, indicating limited bullish momentum. While short-term price movements may show occasional bullish trends, the overall technical outlook suggests that XRP is unlikely to see significant upward momentum in the near future.
Despite the bearish trend, XRP has shown some positive price action by bouncing off a previous resistance level and successfully converting it into new support. This positive price structure suggests that the market may experience a short-term recovery. The key support zone for XRP is between $2.25 and $2.30. The fact that XRP has held this level and bounced from it indicates some stability in the short-term outlook.
As XRP pushes higher, the next resistance levels to watch are in the $2.60–$2.80 range. Previous resistance levels in this range will likely continue to exert downward pressure. Specifically, the $2.65 and $2.80 levels will be critical for determining whether XRP can maintain momentum beyond this point. Additionally, if XRP breaks through these resistance zones, the $3 mark will likely be the next major hurdle.
The Relative Strength Index (RSI) is an important tool to monitor during this rally. Currently, the RSI is approaching overbought levels, which suggests that XRP may be near its peak for the short term. Historically, when the RSI reached these levels, it often led to a small price drop. While there is still some room for XRP to rise, the increasing RSI may signal that it is approaching a resistance point, which could cause the price to cool down.
Ask Aime: What does the SEC's decision mean for XRP's future?
XRP's price movements are also closely tied to Bitcoin's performance. If Bitcoin continues to see bullish momentum, XRP is likely to follow suit with positive price action. Conversely, if Bitcoin experiences a decline, XRP may also face downward pressure.
For March 20, 2025, the price of XRP is predicted to be around $2.8397, with a maximum of $3.0385 and a minimum of $2.6409. On March 21, 2025, the forecasted price is $2.7747. These predictions are based on various market analyses and historical price movements.
Some analysts remain optimistic about XRP's future, with one analyst suggesting that XRP could experience strong growth in the near future. This outlook aligns with historical trends and market behavior, with short-term momentum expected to push the coin higher. Long-term targets are even more ambitious, with some analysts predicting that XRP could reach prices between $33 and $70. This confidence is based on the analysis of XRP's market cycle and historical price movements.
An analyst has presented a bold prediction, suggesting that the current market cycle will result in explosive growth for XRP. In the short term, he expects the coin to see increased vitality, while his long-term prediction for XRP is bold, with projections showing that XRP can end up anywhere between $33 to $70. His analysis of XRP's wave 1 in various charts and instances of price movements reveals a compelling pattern, suggesting a future cycle top for this crypto's value.
Some community members have also expressed their confidence in the analyst's analysis and his formulas for determining XRP's price movement. He has found two main price targets based on Stick 2 and Stick 3, which pertain to $33 and $70. The analyst also shared his short-term price prediction, showing XRP's current price channel. If XRP hits the critical level of $2.83, it can then reach $4.20 next. He also highlighted a previous daily high and weekly high of $2.40 and $2.97 as other critical levels. Currently, XRP is trading around $2.29 with a 0.3% daily increase and a 2.2% weekly increase.
Looking ahead, a shift in the overall market behavior could significantly impact XRP's price movement. The end of Ripple's legal battle with the SEC could bring potential increased investor activity and institutional interest, accelerating XRP's recovery beyond expectations. Investors should assess the potential for long-term investment if the broader market cycle supports such moves. However, patience and precise timing will always play a crucial role in maximizing potential growth.
Given the current market sentiment, declining volume, and short-term bearish trend, XRP is likely to trade within the range of $2.22 to $2.35 on March 20, 2025. This prediction is based on various market analyses and historical price movements, providing a cautious outlook for XRP's price in the near future.
