Ripple Labs made an important move in its long-standing legal battle with the SEC by announcing the withdrawal of its cross-appeal. This decision has led to market reactions and changes in XRP prices.
Ripple’s SEC Strategy
The withdrawal of the cross-appeal by Ripple signifies the company's confidence in its business model and regulatory compliance. If the SEC also withdraws its appeal, the long dispute will officially come to an end, opening new opportunities for other cryptocurrency companies. Nate Geraci, President of The ETF Store, views this as a crucial moment.
XRP Price Analysis and Forecasts
Despite a decline of over 35% from its first-quarter peak, the price of XRP holds a strong support zone in the second quarter. Analysts predict that a favorable legal outcome could lead to significant price increases for XRP, potentially reaching $3.39 or beyond. Some experts, like Captain Redbeard, suggest that in the event of a rebound, XRP's price could reach $10.
Outlook and Market Impact
Discussing the potential for a U.S. XRP ETF approval, analysts assess the probability of this event as high. Meanwhile, Canada has already launched an XRP ETF that quickly amassed $32 million in assets. Ripple also emphasizes the importance of cross-chain interoperability for further growth within the XRP ecosystem.
Ripple’s announcement regarding the withdrawal of its cross-appeal highlights the company's confidence and may have a significant impact on the cryptocurrency market. Important changes that could affect XRP price dynamics are expected in the near future.
