Will Ripple update its annual maximum after SEC capitulation?

The SEC dropped its lawsuit in the Ripple case. Let’s figure out whether this will help the XRP price recapture the $0.53 area

The price of Ripple (XRP) has been declining since July. In August, it broke below the $0.53 area. However, despite this bearish breakout, the price has recovered and is trying to win back the $0.53 area. Let's try to figure out whether she will succeed in this after the recent news about the SEC's refusal to litigate with the Ripple project.

Early this morning it became known that the US Securities and Exchange Commission (SEC) has withdrawn its lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Lawson.

This comes after the court earlier that month rejected the SEC's request to appeal a ruling in favor of Ripple Labs that found that the sale of XRP to retail investors did not constitute an offering of securities.

Ripple broke through the resistance line

The daily technical chart shows that since July, when the XRP price hit a yearly high of $0.94, it has continued to decline along a descending resistance line.

This decline culminated in the $0.42 low seen in August after breaking through the $0.53 horizontal support area. Now this zone has turned into resistance.

After several unsuccessful attempts to break the trend line (red icons), XRP finally formed a large bullish candle and broke this barrier on October 19th.

Despite the bullish breakout, the token is still trading below the $0.53 horizontal resistance zone.