XRP Price Rebounds Near $2 Amid Ongoing SEC Legal Saga, Eyes on Future Surge

The XRP cryptocurrency saw a notable decrease in its price, dropping back to $2 following new developments in the ongoing legal dispute with the SEC. Judge Torres’ rejection of the joint motion from Ripple and the SEC to get an indicative ruling prevented the price from overcoming the resistance at $2.23. Although the SEC withdrew its appeal, the judge indicated that several procedural issues still need resolution, including court approvals, and emphasized that private agreements cannot override court decisions. Ripple's legal team responded by stating they now have two options: dismiss or continue the appeal, and reassured that XRP remains legally classified as a non-security. Legal analyst Fred Rispoli suggested that the court ruling would not significantly impact XRP's secondary market and that the SEC's authority to exempt Ripple from restrictions is uncertain. Ripple has adapted its operations to recent court findings, particularly related to institutional sales, hinting at a possible settlement that might facilitate future institutional transactions. Despite the legal setback, market experts remain optimistic, with some predicting XRP could rise to between $4.50 and $5.40, driven by patterns similar to 2017 accumulation phases. Currently trading at around $2.08, XRP remains a key support level, though it has dipped 4.4% in the past 24 hours and is 38% below its all-time high of $3.40.