The legal confrontation between Ripple Labs and the US SEC has taken a crucial turn because both parties go to a possible resolution. Both parties recently submitted a motion together to ask the court to revise its earlier judgment. The motion is intended to reduce Ripple’s financial fine from $ 125 million to $ 50 million, to reduce $ 75 million in Escredwed funds and to increase the order on institutional XRP sales, which is an important source of legal battle.
Here is the impact on the XRP price
In the meantime, the sentiment of the investor around XRP has become Bullish in particular in recent days. After the news of the proposed settlement, the price experienced a small increase of around $ 2.2. If the legal clarity occurs, the XRP prize projections vary from $ 1.5 to $ 3, because the current price action indicates until the start of a wider rally. Some more optimistic technical predictions are even aimed at a maximum of $ 4.5, based on breakout patterns and historical resistance levels.
As can be seen in the graph above, the XRP price has reached the edge of the consolidation and is therefore speculated to undergo a bullish breakout. Although the prize has experienced a remarkable upward pressure in recent weeks, the token has succeeded in keeping the bullish pennant strong in rising support. That is why a breakout is expected to raise the levels to a new ATH.
How technically says!
Despite the bearish pressure, the weekly RSI has remained strong above the rising trend line, which means we point to an increasing bullish potential. On the other hand, the weekly MacD shows a decrease in sales pressure, while the levels go parallel to each other and show the possibility of a bullish crossover. That is why the XRP price is expected to break above the crucial resistance and initially make $ 2.5 clear and later exceeds $ 3. If the price remains above these levels, the token is expected to be expected in the short term new highlights from approximately $ 3.6 to $ 3.7 before a rejection is confronted.
In the long term, however, the XRP race goal remains more than $ 5 to $ 8, which can be extended to $ 10.