XRP Back at $3 Following Ripple’s SEC Win, Market Eyes Next Move

XRP saw a sharp surge toward the weekend as investors reacted to the latest development in the Ripple SEC lawsuit, which saw its official closure.

According to a recent update provided by James K. Filan as regards the Ripple lawsuit, the Joint Stipulation of Dismissal of appeals filed by both parties on Aug. 7 has been approved by the Second Circuit, marking the official close of the highly followed legal battle.

The week had also been remarkable for the XRP Ledger ecosystem, in particular for the Ripple USD stablecoin, RLUSD.

This week, Bullish announced that its historic $1.15 billion IPO would be settled in stablecoins, including RLUSD.

Ripple has also signed a new memorandum of understanding (MOU) with SBI subsidiary SBI VC Trade, outlining a plan to distribute Ripple USD (RLUSD) in Japan.

XRP returns above $3

XRP surged from a low of $2.78 to $3.10 on Friday as markets were sent into frenzy mode after Fed chairman Jerome Powell hinted at the possibility of a September rate cut in his address at the annual Jackson Hole, Wyoming.

The move brought XRP above the daily SMA 50 at $3.01 again after it had declined beneath it earlier at the week’s start.

At press time, XRP was still sustaining above $3, trading up 8.54% in the last 24 hours to $3.03. XRP’s trading volume has risen in tandem with the price rise, up 83% in the last 24 hours to $10 billion.

Going forward, traders will watch if XRP will flip the daily SMA 50 at $3 once again into support to aim for a retest at recent highs of $3.38 and $3.66. A further drop below $3 might target the next major support at the daily SMA 200 at $2.46.