Bitcoin (BTC) made headlines by closing its highest-ever weekly price at just under $106,500. As that happened, XRP is also drawing attention.

There is growing legal optimism in the Ripple vs. SEC case. This situation is prompting discussion on whether XRP could reach $300 next.

Crypto market participants will be watching closely as legal optimism in the Ripple vs. SEC case continues to fuel speculation on whether XRP could reach the $3.00 level next. Despite a slight pullback in its price to around $2.29, down 4.5% over the past 24 hours, XRP is still trading at relatively high levels for the year to date.

As reported by CCXV, the recent 24-hour high for XRP reached $2.44, indicating a potential resistance zone. The price also lost support from the 20-day Exponential Moving Average (EMA) at $2.33. A successful recovery above this EMA could be crucial for XRP to resume its uptrend and set the stage for a technical move toward the 0.382 Fib level, currently at approximately $2.06.

Many crypto market participants are fairly certain that Judge Analisa Torres will rule in favor of Ripple. This optimism persists even after Thursday’s rejection of the SEC’s request for an indicative settlement decision.

However, some experts have raised concerns about the implications of this ruling.

"It’s not clear that the SEC holds procedural clearance to submit a settlement request at this stage in any event. A request for a ruling on a point of law may be appropriate, but not necessarily a request for an "immediate decision on pending motions for summary judgment." Furthermore, in the present case, there are no outstanding points of law that require immediate attention. Indeed, the court has already issued a noteworthy ruling on the main legal issues in the case," wrote James Murphy, a top legal expert and known on X as @MetaLawMan.

"Note: It is far from a sure thing that a federal judge would agree to vacate a prior ruling as part of a settlement. This was fairly commonplace several years ago when I started in the law business, but judges started balking at this in more recent times."

The legal fog surrounding the Ripple SEC case may begin to clear after the SEC’s upcoming closed meeting on Thursday, May 22. That day could significantly sway XRP’s direction.

The XRP/USDT daily chart, with data often seen on TradingView, reflects a mixed sentiment currently. After XRP failed to break above the key $2.50 resistance level, it now faces downward pressure. XRP is consolidating near the 0.236 Fib level ($2.26) after not breaking the 0.618 level at $2.54.

A successful bounce above $2.54 could open the path toward the 1.0 Fib extension at $2.83. That move would then set up a bullish target of $3.29 at the 1.618 level, potentially putting the $3.00 XRP price within reach.

On the other hand, the MACD indicator shows that XRP momentum is weakening. The MACD line crossed below the signal line. This crossover points to potential short-term bearishness unless more buying volume supports a reversal.

Further, the RSI stands at 48.90, hovering near neutral territory. This reading suggests that XRP is neither overbought nor oversold right now. This gives XRP the flexibility to pivot in either direction based on the outcome of news from its lawsuit against the SEC.