XRP is currently trading in a clear range as market watchers closely watch how the SEC’s appeal against Ripple will affect the token. Current indicators show similarities to previous rallies.

Furthermore, there is growing speculation that the price could rise to $0.76. However, the SEC’s appeal could still have an impact on XRP’s short-term prospects.

XRP Price Analysis

According to technical analyst Cryptoinsightuk, XRP is holding on to the lower end of its current price range. The token is trading between $0.42 and $0.56, and the support level is being tested multiple times. In May 2023 and recently, there was a liquidity grab, which was a brief break below the support level followed by a quick reversal. These shocks have caused prices to rebound, which means that if the historical pattern repeats itself, an upward trend may occur.

Analysts compare the current situation to what happened in August 2023, when XRP rose 50% after hitting a low. The Stochastic Relative Strength Index (RSI) and RSI indicators are similar to the situation in August, indicating oversold conditions. If the price of XRP follows the same trend, a 50% increase could push the token price to $0.76 in a short period of time.

## SEC Appeal and Its Impact on Ripple

While technical analysis suggests that prices could rise, the legal situation related to XRP remains a key factor. The SEC has appealed the programmatic sales ruling in the XRP case.



The appeal could result in Ripple facing additional financial penalties, but is unlikely to affect XRP's current position. Legal analysts note that fact-based appeals, such as those by the SEC, typically have a lower success rate. Even if the SEC wins, the result may simply be a larger settlement amount without changing XRP's position in the market. In addition, with political changes at the SEC and potential changes to new leadership, the focus of the case may change over time, extending the time to resolution.

## Key resistance and support levels

For XRP to continue to rise, it is crucial to break through the $0.56 resistance level. Cryptoinsightuk emphasized that historically, once XRP breaks through this area, there is a chance to make substantial gains. The $0.42 support level is still crucial to maintaining the current price level.

Analysts also noted that buyer activity played a role in pushing the coin past resistance levels. If the price breaks through resistance, XRP could reach a price target of $0.76 as long as market conditions remain consistent.

The article is for reference only and does not constitute investment advice.