XRP hovers near $2.2 as the lawsuit between Ripple and the Securities and Exchange Commission (SEC) reportedly might come to a dead end. The almost 4-year-long legal battle between the two might come to an end as the duo filed a motion to dissolve the injunction. On June 12, the joint motion was filed with Judge Analisa Toress requesting to release $125 million in escrow. “I believe there’s a 70% chance she grants the relief requested,” stated the former candidate John E Deaton.

According to CoinMarketCap, XRP is trading at $2.2 after losing more than 0.06% during the last week. However, the market cap of XRP increased by 4.28% to 133B showing increased activity of traders. 

Since June 12, the token has been below the opening market price of $2.26. Although XRP tried to break above this threshold today, the bears were too strong for XRP. 

Bollinger bands signal overbought conditions while RSI does not 

(Source: Tradingview)

The 4-hour graph above shows that XRP has been moving inside a broadening wedge. As the token has rebounded off the trendline, it would be natural to expect the prices to move towards the upper trendline. However, the RSI reads a value of 65 as it heads towards the overbought region. Although the RSI is not yet overbought, however, the Bollinger bands signal that XRP is overbought. Therefore, there might be a retracement in the market, and XRP could look for support close to $2.18.

Contrastingly, if the bulls muster the strength to rebound into the market and take control, XRP might be on a journey towards reaching the upper trendline at $2.34. 

Disclaimer: Please note that all predictions are based on data analysis and are provided for informational purposes only. They do not constitute financial advice. Altcoin Desk is not liable for any financial decisions you make.