XRP price surges 8% to trade at $2.48 as Ripple Labs drops its appeal against the US Securities and Exchange Commission

This comes after Ripple CEO Brad Garlinghouse announced on Wednesday that the US Securities and Exchange Commission (SEC) is dropping its long-standing appeal against Ripple.

The XRP price surged 8% in the last 24 hours to trade at $2.48 as of 11:20 p.m. EST, with trading volume skyrocketing 274% to $10.1 billion.

This comes after Ripple CEO Brad Garlinghouse announced on Wednesday that the US Securities and Exchange Commission (SEC) will be dropping its appeal against Ripple.

This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it.

The future is bright. Let's build.

After the announcement, the XRP price jumped 14.8% from $ 2.29 earlier in the day to $2.58.

But can the Ripple token keep on soaring?

Ripple Token Price Preparing For A Massive Surge

The XRP price has been trading in a falling channel pattern since mid-January 2025. This pattern suggests a period of consolidation following a strong uptrend.

XRP experienced a significant price surge, pushing it from around $0.50 in early November 2024 to a peak above $3.00 in early 2025, according to GeckoTerminal data.

Currently, the Ripple token price is oscillating within the channel, finding support near $2.00 and facing resistance around $2.70.

The price is currently close to the upper boundary of the channel, which means a breakout or rejection could determine the next major move.

XRP is now trading above both the 50-day and 200-day Simple Moving Averages (SMAs), which puts the asset in a bullish stance and prepares for a breakout above.

The Relative Strength Index (RSI) is at 52.97, which is in the neutral zone (neither overbought nor oversold). This suggests there is still room for upward movement if buyers step in.

Meanwhile, the Moving Average Convergence Divergence (MACD) line (blue) is slightly above the signal line (orange) but remains close to the zero level.

If positive momentum builds up, this suggests a potential trend reversal. A strong, bullish crossover would reinforce the likelihood of a breakout.

XRP Price Prediction

With the XRP price trading near the top of its descending channel, the Ripple token is at a make-or-break level.

A breakout above the upper resistance ($2.70-$2.80) could send XRP toward $3.50 or higher, confirming a bullish continuation.

On the other hand, if the price of XRP gets rejected and falls back within the channel, it could revisit support levels around $2.00 or even $1.70 (200-day SMA).

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