The XRP price is trading at $2.25 after slipping 3% in the past 24 hours, on a daily trading volume surge of 109% to $506 billion.
This XRP price drop comes as Ripple and the U.S. SEC jointly request the U.S. Court of Appeals for the Second Circuit to pause their ongoing appeals. The move follows Ripple’s push for a fresh ruling from Judge Analisa Torres, seeking to lift a previous injunction and reclaim $125 million held in escrow.
Despite the legal uncertainty, investor sentiment in XRP remains strong. Open Interest in XRP derivatives has surged past $4 billion, showing rising optimism in the market even as the broader price action weakens.
The SEC wants $50 million from the seized funds as a penalty, with the rest to be returned to Ripple. While the court reviews Ripple’s request to release the funds, both sides have asked to pause their appeals. The SEC will give an update on the case by August 15.
At the same time, confidence in XRP derivatives is rising. CoinGlass data shows Open Interest has jumped nearly 3% to $4.03 billion, showing more money flowing into the market. The funding rate also increased, pointing to strong buying pressure.
XRP Derivatives Data Source: Coinglass
However, long traders saw more losses, with $9.27 million in liquidations compared to $6.46 million in shorts. Still, the market remains fairly balanced, with bulls only slightly ahead of bears.
XRP Price Prepares For Breakout After Long Consolidation
XRP is showing signs of a possible breakout after moving sideways for several weeks. The daily chart shows that the price is now holding above $2.00 after exiting a long bearish channel that lasted from February to early May 2025.
During that bearish phase, XRP kept making lower highs and lower lows. But after tapping into key sell-side liquidity zones, the price began to stabilize. Now, XRP is consolidating between $2.00 and $2.50, which could be the calm before a breakout.
XRP Builds Strength as Breakout Toward $3 Looms
The chart highlights a resistance level just above $2.50. If XRP breaks above this level, it could quickly push toward the $3.00 mark, as suggested by the green upward arrow. The RSI (Relative Strength Index) is sitting near 47, which shows there’s still room for the price to move up without being overbought.
This bullish setup comes as market sentiment improves, especially after positive updates in Ripple’s case with the SEC. If confidence continues to grow, more buyers could enter the market and drive XRP higher.
Still, traders should watch the $2.00 support level closely. If XRP falls below that zone, the bullish outlook might weaken.
For now, the chart suggests XRP is building strength, and a breakout toward $3 could be coming soon if resistance is cleared.
