SEC has not voted yet even though Ripple has withdrawn its appeal - Can XRP rise to 2.6 USD?

The lawsuit between Ripple Labs and the Securities and Exchange Commission (SEC) has lasted for nearly a decade, and although this lawsuit recently witnessed a significant turning point when Ripple decided not to appeal, the process of concluding the dispute is still not entirely clear. While many in the XRP community hope that this will be a sign of the end of the legal battle, experts suggest that a final resolution may still take several more weeks, or even longer.

The XRP community awaits an important meeting on July 3rd

Immediately after Ripple announced the cancellation of its appeal, the value of XRP increased by 5%, creating a wave of optimism in the community. However, this joy did not last long as the value of XRP showed signs of decline. This is primarily due to the uncertainty about whether the SEC will continue to pursue the lawsuit, as the SEC's appeal has not yet been officially dismissed.

Former SEC attorney, Marc Fagel, clarified an important point that the process of dismissing the SEC's appeal is not a decision that can be made immediately. First, the SEC needs to conduct an internal vote to officially make a decision. After that, both Ripple and the SEC will need to submit the necessary legal documents to complete the appeal dismissal process. Until these steps are completed, the previous district court ruling will not officially take effect. This process may take some time, although Fagel suggested that "a few weeks" is a realistic expectation for the final outcome.

The XRP community is paying close attention to a closed meeting of the SEC scheduled to take place on July 3rd. Some people in the community believe that this meeting could be a crucial turning point, opening up the opportunity for the SEC to make a decision to dismiss the lawsuit against Ripple. The agenda of the meeting includes addressing legal cases, which further raises hopes for a positive outcome. However, SEC procedural experts have warned that such meetings are routine and held weekly, thus the likelihood of this being a special session focused solely on the Ripple lawsuit is quite low.

Although the legal uncertainty continues to loom, the market sentiment towards XRP remains quite optimistic. Traders and investors are closely monitoring any signs of the lawsuit's conclusion, as having a clear legal resolution will directly impact the future value movement of XRP. If the SEC officially withdraws its appeal and concludes the lawsuit, it could be a driving factor for strong growth for XRP, marking a new shift in the adoption and application of blockchain technology in the financial sectors.

What’s next for the price of XRP?

XRP is currently facing a significant resistance level at $2.3. Can it break this level and continue its upward trend? Let's analyze the key support and resistance levels, as well as the factors influencing XRP's price trend.

Yesterday, buyers pushed the price of XRP up to a strong resistance level at $2.3, but sellers quickly returned to prevent the breakout. At the moment, the price is in a retracement phase; however, this is a positive signal as buying pressure is still present, and if the strong upward momentum returns, the $2.3 level may be broken, paving the way for a next challenge at the $2.6 mark.

Source: TradingViewWith the goal of reaching higher price levels, market sentiment towards XRP is gradually becoming optimistic. Trading volume records indicate that, in recent days, buyers have dominated, reinforcing the belief that prices may continue to rise. If XRP surpasses the $2.3 threshold, there is a likelihood of a surge in trading volume, paving the way for prices to expand to new highs.

Source: TradingViewAn important signal from technical indicators is the MACD's turnaround. After the daily MACD moved into positive territory last week, the 2-day MACD has also given a bullish signal today. This indicates that buying momentum is gradually strengthening in longer time frames, creating confidence in the continuation of the upward trend and attracting more investors. With this positive feedback, the possibility of XRP reaching $2.6, or even higher, in July is very feasible.

Source: TradingViewXRP is currently undergoing significant challenges, but with support from trading volume and technical indicators such as MACD, its outlook in the near future remains quite optimistic.

Emma