XRP prices recovered sharply on Tuesday (June 16), rising over 2% to reach a near-$2.20 high. The digital asset’s move came as broader market sentiment improved and renewed legal optimism emerged from Ripple’s ongoing dispute with the U.S. Securities and Exchange Commission (SEC).

XRP price recovers following crypto market rebound

XRP’s climb traced similar patterns to Bitcoin’s post-settlement recovery, with the BTC weekly close above $105,000 acting as a driver for overall crypto market confidence. The global crypto cap climbed over the $3.3 trillion mark earlier this week.

Ethereum and Solana led other altcoin performers, while the Crypto Fear & Greed Index saw action shifting out of neutral territory. Geopolitical headwinds are still a factor in traditional markets, but XRP gained despite major flare-ups in the Middle East.

XRP charts show bullish falling wedge formation

Intraday XRP/USD charts displayed a sharp bounce off support levels, with technical analysts pointing to a developing falling wedge pattern as a bullish signal.

“A successful test of the overhead weekly trendline at $2.25 would open the door for XRP’s next target of $3.12,” read a market update. “This represents a 40% upside and aligns with the geometry of the falling wedge.”

Ripple-SEC joint motion fuels XRP price appreciation

The latest market enthusiasm appears directly linked to legal developments in the pivotal SEC vs. Ripple case. On Tuesday, June 12, Ripple and the SEC filed a joint motion requesting Judge Analisa Torres’ approval of a settlement.

“A joint settlement motion has been filed. This addresses procedural concerns from earlier this month and offers the possibility of resolution after five years of litigation,” read a market analysis, referencing the May 15 denial of an earlier joint request.

Legal outcome odds cited at 70% by analyst Deaton

Analyst John Deaton commented on the likelihood of Judge Analisa Torres granting the settlement request. According to Deaton, the chance of approval was pegged at 70%, despite questions raised by some legal experts about the persuasiveness of the arguments.

“Were Judge Torres to approve this settlement, she would be endorsing a resolution of the penalty claims, terminating injunctive relief against Ripple, and achieving final judgment following five years of costly litigation,” the report stated.