XRP is trading at $2.34 as the legal tug-of-war between Ripple Labs and the SEC goes into pause mode. On-chain fundamentals are strong, while legal developments are still influencing sentiment.
Attorney Bill Morgan confirmed that a procedural misstep has temporarily stalled the finalization of the settlement with the SEC. Both parties signed the deal—Ripple on April 23 and the SEC on May 8—but the court denied the joint Rule 62.1 motion because it didn’t reference Rule 60 which governs relief from final judgments.
Importantly, the denial wasn’t a rejection of the agreement’s merits, just the legal framing.
Ripple’s Chief Legal Officer, Stuart Alderoty, told investors that the setback doesn’t impact XRP’s legal standing.
A revised motion will be filed soon and then the parties can seek a limited remand to dissolve the injunction and finalize a $50 million penalty.
Settlement Agreement Signed Motion for Indicative Ruling Denied (Procedural) Parties Preparing Revised FilingXRP Chart Eyes $2.38 Recovery Amid Channel Pressure
On the technical front, XRP price prediction remains slightly bearish. On the charts, XRP/USD is stuck in a descending channel on the 1-hour chart, with price consolidating at $2.35. The channel has clear lower highs and lower lows, meaning bearish control.
The 50-period EMA at $2.40 is capping upside, while MACD lines are below zero—no bullish momentum. Price just rejected the midline of the channel, so sellers are in control.
XRP Price Chart – Source: TradingviewWhereas, on the lower side, $2.31 is acting as a key support. If broken with volume, XRP could go to $2.26 or $2.20. But if bulls defend this level and print a bullish engulfing candle above the EMA, we could see a recovery to $2.44 and $2.49.
Key Levels:
Resistance: $2.40, $2.44, $2.49 Support: $2.31, $2.26, $2.20 MACD: Bearish, flat Pattern: Descending channel with weakening bouncesBTC Bull Token Nears $6.84M Cap as 71% Staking Yield Drives Demand
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