XRP Faces Key Court Deadline Amid Tight Trading Range
XRP is currently trading at $2.26, down 1.2% daily. It’s stuck in a tight range between $2.09 and $2.33. Despite the lack of meaningful price movement, XRP remains above a crucial support level. This could signal potential volatility ahead.
Spot trading volume has decreased by 4.1%, but derivatives volume has risen by 9.6% to $5.06 billion. open interest has dipped slightly to $4.12 billion. These figures suggest traders are hedging against possible market shifts.
A major event looms on the horizon. The SEC must submit a settlement progress update by June 16 in its ongoing case against Ripple. Since Judge Analisa Torres rejected the SEC’s request for an indicative ruling, there’s been little legal movement.
However, the SEC has a history of filing motions at the last minute. If they withdraw their appeal, it could clarify XRP’s legal status and pave the way for an XRP spot ETF. On Polymarket,the odds of ETF approval by 2025 are at 86%,with a 26% chance by July 31.
technically, XRP is just above its 20-day moving average. The tightening Bollinger Bands suggest decreased volatility and a potential significant move. Bulls need more momentum to break through the $2.26-$2.30 resistance zone. A clear break could push prices toward $2.50.
With the relative strength index at 49, the market is neutral but leaning toward recovery. The MACD is almost above the signal line, indicating growing buying pressure. Legal clarity could lead to new inflows, pushing XRP above $2.33. If it fails to hold $2.20, it may fall toward $2.10.
