XRP Price Primed for Bullish Breakout as Ripple Meets President-elect Trump Amid SEC Case Deadline

XRP price experienced a 5% drop in the past 24 hours, currently trading at $2.29, with a notable surge in trading volume, which increased by 78% to reach $7.5 billion.

As XRP price experiences a slight downturn, currently trading at $2.29, and awaiting key developments in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), let's delve into the recent meeting between Ripple executives and President-elect Donald Trump.

This meeting comes ahead of an important deadline in the SEC's case against Ripple. The SEC is expected to file an appeal-related brief by January 15, regarding the ruling that programmatic sales of XRP do not meet the criteria outlined in the Howey Test.

In July 2023, Judge Analisa Torres ruled that these sales did not fulfill the third prong of the Howey Test, which was a significant victory for Ripple. While this legal battle continues to unfold, Ripple has also made strides in other areas.

Recently, Ripple and Chainlink announced a strategic partnership to enhance the adoption and use of Ripple USD (RLUSD), Ripple's enterprise-grade stablecoin.

This partnership adds another positive dimension to the company's overall progress. XRP price has formed a distinct bullish trend that started in early November 2024, reaching new heights in December as the token surged toward the $2.50 mark.

Following this rally, XRP entered a consolidation phase, forming a falling wedge pattern—a typical bullish continuation signal. As XRP hovers around the apex of the wedge at $2.29, market observers expect a potential breakout, which could drive the price higher.

The Relative Strength Index (RSI) currently stands at 52.58, suggesting neutral momentum. With the RSI having cooled off from the overbought levels witnessed in November, there is potential for XRP to resume its upward movement without encountering immediate overbought pressures.

If the price breaks out from the falling wedge pattern, it could see a strong upward move, potentially targeting $3.00, which aligns with the projected height of the wedge added to the breakout point.

However, if XRP breaks below the 50-day Simple Moving Average (SMA) and the lower trendline of the wedge (around $2.10), bearish momentum could push the price toward the $2.00 psychological level or even the $1.80 region.

As Ripple prepares for a pivotal year ahead, both in terms of regulatory developments and market dynamics, XRP's price movement will remain closely tied to the outcomes of these legal battles and its expanding ecosystem.