- XRP’s recent surge followed a court-induced delay in the Ripple vs. SEC case, pushing the final ruling to August.
- MACD weakness and neutral RSI levels reflect caution, though easing selling pressure offers a potential shift.
- XRP’s funding rate remains flat, showing traders are indecisive, with no clear bullish or bearish bias in the short term.
XRP fell back after a tough twist in the legal battle between Ripple and the US Securities and Exchange Commission. The price dipped just after breaking a key resistance level, reflecting the ongoing pressure from the court’s delay. The delay comes at a crucial moment for XRP.
The XRP community and traders hoped for a breakthrough, yet the joint filing made by Ripple and the SEC has pushed back the ruling to August. The filing asked for a pause in the appeals process while the Second Circuit reviews a pending motion for an indicative ruling. This move has kept many traders and large players on the sidelines.
XRP Rises Amid Legal Pause, Traders Await Clarity
According to Egragcrypto, this delay could allow big players more time to enter positions in XRP. The price surged back to $2.24, marking a 2.4% rise over the last 24 hours. According to the charts, the nearest support stands at $2.18, while resistance lies at $2.33.
Furthermore, the delay highlights ongoing legal battles between Ripple and regulators. The filing made by both parties shows a temporary pause in the appeals process. Market participants are now looking at this moment as a chance to reassess their holdings. The 12-hour chart signals a strong resistance at $2.30. Nevertheless, traders remain cautious and watch closely for a clear direction once the pause lifts.
Market Indicators Show Mixed Reaction
Meanwhile, technical indicators reflect a cautious view on XRP’s movement. The 1-hour chart shows the MACD dropping, as it trades below the signal line.
Even though the histogram bars remain in negative territory, their gradual decline hints that the selling pressure might be easing. However, the RSI fell back toward neutral position at 59.60 which shows that if XRP breaks above 60, it may enter overbought territories.
XRP Funding Rate Shows Balanced Market Sentiment
The XRP OI-Weighted Funding Rate remained weak and close to zero from March 19 to June 13, reflecting a balanced view in the market. The funding fell to nearly -0.0300% on April 8, when the price fell toward $1.95, suggesting many traders were betting against XRP at the time. However, from mid-April through May, funding stayed predominantly green, above 0% but weak, indicating buying pressure remained in the market.
The price was trapped between $2.10 and $2.40 during this period, which pointed to the lack of momentum in either direction. The funding is currently nearly neutral, meaning traders are unsure of the direction the price will take in the short term. A rise could reflect growing confidence, whereas a drop might suggest weakness, an essential piece of the puzzle to trends going forward.
