XRP experienced a 7% price decline in 24 hours, largely influenced by geopolitical tensions and ongoing legal proceedings between Ripple Labs and the U.S. SEC. The latest joint filing by Ripple and the SEC requested Judge Analisa Torres to amend the final judgment of their long-running case, seeking to lift the injunction and reduce Ripple's penalty to $50 million. However, legal experts expressed skepticism about the motion's chances, citing the judge's previous disapproval of similar requests.
The market reacted with heightened volatility, as XRP futures open interest dropped 5% to below $3.9 billion, with notable declines on major exchanges like CME and Binance. Despite the downward pressure, some analysts predict a potential bullish breakout above $2.33 leading to a rally.
Separately, XRP traded sideways as investors awaited a key SEC court update expected by June 16, which may influence the litigation's direction. While spot volume has cooled significantly from last December’s spikes, futures open interest remains elevated, indicating traders' readiness for volatility. Market expectations of an ETF approval by year-end stand high, at around 88%, reinforcing cautious optimism among investors.
Technical analysis shows XRP consolidating near the midline of its Bollinger Bands with neutral momentum and subdued volume. A break above $2.38 could signal upward movement toward $2.60, whereas a fall below $2.10 might lead to further declines. The community remains watchful as the regulatory narrative continues to evolve.