XRP is trading at approximately $2.08, reflecting a 1.6% decline over the past 24 hours. The cryptocurrency has experienced a 40% drop from its year-to-date high of $3.41.
⚖️ Legal Developments
The U.S. Court of Appeals has granted a joint motion to pause the appeal in the SEC v. Ripple case, as both parties move toward finalizing a settlement agreement. The SEC is required to submit a status report within 60 days, by June 9, to update the court on the progress of the settlement.
📈 Technical Analysis
XRP is currently holding above the $2.00 support level, with key resistance at $2.24. A sustained dip below $2.00 could see XRP tumble toward the next support at $1.61.
Technical indicators such as the MACD and RSI are showing signs of bullish momentum, suggesting a potential breakout if XRP can maintain support above $2.00.
🏛️ ETF Prospects
The potential settlement in the SEC v. Ripple case has renewed optimism for the approval of XRP spot ETFs. Several firms, including ProShares and Bitwise, have submitted applications for XRP ETFs. Analysts suggest that approval of these ETFs could significantly boost XRP’s price.
