XRP has declined about 9% from its recent high of $2.34, currently trading near $2.15. The cryptocurrency faces potential support at the $2.00 level as investor focus shifts from geopolitical issues to the Federal Reserve’s upcoming interest rate decision. Analysts expect the Federal Open Market Committee (FOMC) to keep rates steady between 4.25% and 4.50%.
Ripple’s Legal Update
Ripple has submitted a supplemental letter supporting a joint motion with the U.S. Securities and Exchange Commission (SEC) seeking an indicative ruling from Judge Analisa Torres of the Southern District Court of New York. Neither party requests changes to the existing Summary Judgment Order.
The letter clarifies that the indicative ruling does not absolve Ripple of securities law obligations. Instead, it focuses on reducing the penalty amid possible appellate risks. The SEC’s joint motion reflects a “revisiting” of its regulatory approach to digital assets, which has led to dropped cases against crypto firms like Binance and Coinbase.
Ripple urges the court to recognize the agreed $50 million settlement, which reflects a lower penalty compared to the $125 million civil fine ordered and the $2 billion initially sought. The company highlights that this settlement aligns Ripple with other industry participants whose cases were dismissed earlier.
Technical Analysis
XRP’s price action since late May shows a repeating fractal pattern oscillating between support near $2.00 and resistance around $2.34. Holding the $2.00 support could trigger a bullish reversal, potentially pushing prices toward $2.34 and higher toward the May peak of $2.65.
However, XRP remains below key moving averages—the 50-period EMA at $2.19, the 100-period EMA at $2.21, and the 200-period EMA at $2.23—indicating bearish pressure. The Relative Strength Index (RSI) is trending downward toward oversold levels, suggesting negative momentum. Key levels to watch include support at $2.00 and the April low of $1.62.