The long legal battle between Ripple and the SEC is nearing its end. Ripple's CEO, Brad Garlinghouse, has announced the company is dropping its appeal, and the SEC is expected to follow suit.
End of Ripple and SEC Legal Battle
Garlinghouse confirmed that this decision will allow Ripple to focus on building the 'Internet of Value.' A significant aspect is that the court offered Ripple two options: dismiss its appeal regarding past institutional sales or continue fighting. Now Ripple has chosen the first option. It was also announced that Judge Analisa Torres denied the joint request from Ripple and the SEC for an indicative ruling that would have cleared the way to dissolve the existing injunction and lower Ripple’s penalty.
XRP Price Dynamics
According to the latest data, XRP price has been trapped in a descending channel since early May. Currently, the price of XRP has increased by 5%, reaching around $2.18. A strong daily close above the channel resistance, currently at $2.20, could trigger a breakout, potentially pushing the price to $2.60. However, despite positive movements, it is essential to consider that XRP tends to follow Bitcoin's trends and overall market sentiment.
XRP's Future in the Market
XRP now holds one of the clearest legal statuses among major altcoins in the US, which may attract new buyers. However, history suggests that XRP prices often fluctuate with Bitcoin and the general altcoin sentiment. If XRP spikes following this news, it will likely revert to tracking Bitcoin's trend in the long run. It will be important to monitor whether bulls can push XRP above the current channel resistance with strong trading volumes, which could lead to a rally towards $2.60.
Despite the clarity regarding its legal status, XRP's future depends on the overall dynamics of the cryptocurrency market and Bitcoin's behavior. At this stage, the price action suggests XRP is at a critical level, with subsequent trader movements determining its directional trend.
