- XRP stays above $3 as Ripple lawsuit ends, optimism grows.
- Ripple victory and Fed cut hopes keep XRP price steady.
- XRP defends $3 mark while traders eye next bullish target.
XRP maintained a steady position above $3 after a volatile week marked by both legal and macroeconomic developments. According to market reports, the token jumped from $2.78 to $3.10 on Friday as traders reacted to Federal Reserve Chair Jerome Powell’s dovish statement at the Jackson Hole symposium. The positive outlook on a potential September interest rate reduction helped the sharp increase.
To further the trend, the Second Circuit Court granted the Joint Stipulation of Dismissal of the Appeals in the Ripple SEC case. This official statement ended almost five years of lawsuits, and it provided investors with new confidence in Ripple and its token. The news was used by market participants to engage in faster buying.
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Price Stability Despite Pullback
Following the surge, XRP retraced as traders locked in profits, slipping 0.76 percent in the last 24 hours to $3. The token declined by 3.97 percent on the weekly chart. Nevertheless, XRP has been strong enough to recover whenever it has fallen below the mark of 3.
Adding to the momentum, the Second Circuit Court approved the Joint Stipulation of Dismissal of Appeals in the Ripple SEC case. The same trend was repeated on Sunday, when it fell to $2.99 and rose back to $3. These bounces indicate that bulls are still holding on to the psychological barrier.
Should XRP hold at the $3 level, as suggested by crypto analyst Ali, it has the potential to recover to the $3.60 level. Other indicators, like the daily RSI, are neutral at 50, indicating consolidation. In case of further deterioration, analysts point out $2.96 and $2.78 as the next possible levels to note.
Support Zone Holds
The $2.8 support zone proved vital for XRP as buyers stepped in aggressively when the token tested this level. Their action stopped the bearish trend and caused a recovery that reflected the strength of the asset.
The interaction with the exponential moving averages of XRP supported this rise. The merging of the 26 and 50 EMAs formed a technical cushion, which added weight to the bounce. Historically, EMA convergence in this area has been a sign of momentum change and, in many cases, a precursor to a continuation higher.
Analysts note that if XRP sustains above these averages, a move toward the $3.2 to $3.5 range remains possible.
Ripple Effect of Legal Victory
The end of Ripple’s legal battle has significantly eased regulatory uncertainty around XRP. Analysts say that a favorable environment has been made possible by the clarity of the law and the possibility of monetary easing to make further gains. Although short-term fluctuations continue to exist, the end of the SEC case gave a reasonable basis to have confidence in the asset.
XRP’s ability to hold above $3 highlights sustained buyer interest even amid profit-taking. With legal hurdles cleared, a solid support zone at $2.8, and optimism surrounding potential Fed action, analysts see room for a push toward $3.60 as long as the $3 support remains intact.
Also Read: XRP Soars Past $180B, Joins World’s Top 100 Assets After SEC Case Ends
