XRP fell back to $2.09 early Friday, June 27, as the ongoing legal battle between Ripple Labs and the SEC resurfaced in market sentiment. Despite the dip, multiple metrics point to strength under the surface.
Legal twist stalls XRP rally
Ripple’s attempt to fast-track resolution hit a speed bump after Judge Analisa Torres denied a joint motion for an indicative ruling. The move halted XRP’s climb toward $2.23 resistance, causing a 4.4% daily decline.
Judge Torres emphasized that court decisions cannot be overridden by private agreement, leaving key issues—like institutional sales and compliance terms—still pending.
Ripple’s legal chief Stuart Alderoty stated that the decision re-centers the appeal in Ripple’s court, with the company weighing whether to proceed or withdraw. He reiterated that XRP’s non-security status remains unaffected.
Whale wallets grow despite drop
Even as price retreated, on-chain data showed XRP accumulation continues. The number of wallets holding over 1 million tokens rose to 2,850—marking a rise in both retail and institutional interest.
This kind of wallet growth often reflects long-term confidence. Analysts interpret the divergence between falling prices and growing wallet count as a signal of consolidation and preparation for a breakout.
XRP futures and market data
- Current XRP price: $2.09
- 24h change: -3.82%
- Market cap: ~$112.5B (est.)
- 24h trading volume: $2.89B (+2.06%)
- Futures open interest: $2.8B
Open interest in XRP derivatives remains steady, with longs outnumbering shorts. This suggests traders are betting on a rebound rather than exiting.
Crypto analyst CryptoBullet noted chart patterns similar to XRP’s 2017 breakout, pointing to potential targets of $4.50 to $5.40 if momentum builds.
Broader crypto backdrop
- Total crypto market cap: $3.43T (-0.44%)
- Spot volume: $48.44B (+0.03%)
- Bitcoin dominance: 62.02% (+0.17%)
- ETH dominance: 8.62% (+0.43%)
- ETH gas fees: 0.74 Gwei
The crypto sector is navigating a mix of legal uncertainty and renewed fundraising, with June VC deals exceeding $4.4B. Despite volatility, XRP’s structural metrics appear robust.
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