**XRP Price Rebounds and SEC’s Motion Denied**
XRP has experienced a resurgence in price after facing challenges following the launch of Ethereum futures exchange-traded funds (ETFs) in the US. The token has reclaimed support at $0.5 and has continued its upward trend to reach $0.55. As previously discussed, XRP was poised for another breakout if it maintained support at $0.5.
In a significant development, District Judge Analisa Torres has rejected the US Securities and Exchange Commission’s (SEC) motion to appeal the landmark loss against Ripple regarding the security status of XRP. Torres stated that the SEC failed to convince the court that the appeal would significantly advance the termination of the litigation. The agency’s request for a stay was also denied, allowing both parties to proceed with trial preparations scheduled for April 2024.
Ripple and the SEC have been instructed to file their pretrial motions by the end of this year. Additionally, both parties are required to meet in person for at least one hour to discuss settlement possibilities before the final pretrial conference.
**XRP Price Potential and Technical Analysis**
The recent court ruling has propelled XRP’s price to retest its previous highs at $0.55. With growing investor interest and holding above a symmetrical triangle pattern, there is potential for XRP’s price to rally to $0.67.
Traders should carefully consider booking new long positions in XRP, taking into account the bullish outlook of the Moving Average Convergence Divergence (MACD) indicator. When this momentum indicator moves from the neutral area into the positive region, it indicates that bulls are gaining control, leading to a breakout accompanied by increased trading volume. The anticipated rally may be validated by an incoming golden cross, which occurs when a short-term moving average crosses above a long-term moving average.
**Hot Take: XRP Rebounds After Legal Victory**
XRP has found renewed strength in its price following a legal victory for Ripple against the SEC. The court’s rejection of the SEC’s motion to appeal and request for a stay has provided clarity for both parties as they move forward with trial preparations. This positive development, coupled with technical indicators suggesting a potential rally, has sparked investor interest in XRP. Traders should carefully analyze market conditions and consider the bullish signals before making investment decisions. It remains to be seen how XRP’s price will continue to evolve in light of these recent developments.
Source: [Crypto News](https://cryptonews.com/news/xrp-price-bounces-back-as-judge-denies-sec-s-motion-to-appeal-13373.htm)
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