XRP price rose to five-week highs on Friday, propelled by Securities and Exchange Commission’s (SEC) move to formally acknowledge and initiate steps to terminate its long-running case against Ripple Labs. The coin reached $2.42 early on Friday, with its momentum indicators signaling a likely extension of those gains. Furthermore, Bitcoin price return above the $100k mark has injected renewed confidence in the broader crypto market.
The SEC and XRP issuer, Ripple Labs jointly wrote to a Federal Court on Thursday, asking to settle the case, with the company agreeing to pay a $50 million fine. The company previously deposited $125 million in an escrow account following Judge Analisa’s previous judgement. Therefore, the remaining $75 million will be reverted back to if the court approves the settlement.
The fine is substantially lower than the $2 billion the SEC previously wanted, and XRP holders will view it as a win. Meanwhile, XRPUSD trading volume rose by 42% in the last 24 hours, adding credence to the likely continuation of the upward trajectory.
Elsewhere, Florida Pharmaceutical giant, Wellgistics Health, has announced the integration of XRP in its payment infrastructure. The company seeks to leverage the coin’s high security, low transaction cost and fast transaction speeds, significantly improving its supply chain efficiency. That presents a strong proposition for continued institutional integration, and adds weight to XRP price outlook.
XRP Price Prediction
The momentum on XRP price calls for further upside above the pivot mark at $2.36. It will likely meet initial resistance at $2.42. However, an extended control by the buyers will break above that level, potentially clearing the path to test $2.47.
On the other hand, breaking below $2.36 will invite a downward-leaning momentum. That will likely see the first support come at $2.32. A break below that level will invalidate the upside narrative. Also, an extended control by the sellers could take the action lower to test the second support at $2.27.
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