XRP is continuing its upward trend, riding on the positive sentiment across the cryptocurrency market. As of June 16, XRP rose by approximately 2% intraday, reaching $2.20. This surge of buying pressure comes amid the market's overall rebound and growing expectations of a resolution in Ripple's legal battle with the U.S. Securities and Exchange Commission (SEC).
Despite renewed geopolitical tensions in the Middle East, investors maintain an optimistic outlook on XRP. Notably, a falling wedge pattern has been identified on the XRP price chart, which is interpreted as a technical rebound signal. Experts analyze that if this pattern materializes, XRP's price could surge by around 40%, potentially reaching up to $3.12.
Expectations of resolving legal risks have also bolstered the upward momentum. Recent joint settlement requests submitted by Ripple and the SEC to the court suggest that both parties are attempting to clarify the legal points of contention, indicating the case is moving towards a conclusion. The ongoing debate about whether XRP sold by Ripple constitutes a security has been a key source of market uncertainty.
With a favorable trajectory in the SEC lawsuit and technical analysis indicators suggesting potential growth, market interest in XRP continues to expand. Investors are closely monitoring the potential correlation between the upcoming court decision and price movements in the coming weeks.
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