XRP Soars After SEC Drops Appeal, Eyes $3 Resistance

Ripple's XRP has surged following the SEC’s decision to drop its appeal, signaling a strong bullish movement for the cryptocurrency. This legal victory has propelled XRP past key resistance levels, with the asset approaching the upper trendline of a descending channel. If XRP manages to break the $2.50 mark, a move toward $3 becomes more likely, as momentum indicators suggest sustained upward momentum.

Currently trading above the 50-day and 200-day EMAs, XRP shows significant buying pressure, supported by rising trading volumes. This indicates that market sentiment is shifting strongly in favor of the bulls. A sustained rally above $2.50 could lead to a retest of the $3 resistance level, which has not been reached since XRP's last bull run.

The recent bullish breakout fits into a larger price structure, and with legal hurdles out of the way, Ripple could see a prolonged run. However, traders should watch for potential declines around psychological price levels. XRP’s ability to consolidate above $2.30 would confirm the continuation of the uptrend, while further legal clarity from Ripple adds positive momentum to the asset.

With the SEC's legal threat now eliminated, XRP has the opportunity to continue its bullish rally, possibly reaching its previous highs.