Ripple Labs, a leading blockchain company in the US, is moving towards the end of its lengthy legal battle with SEC by dropping its appeal.
Ripple Labs Ends Appeal
CEO Brad Garlinghouse announced that the company has decided to drop its appeal. He mentioned that the SEC would also drop its appeal, allowing both sides to amicably conclude the litigation. This decision follows a recent ruling by Judge Analisa Torres, who denied both parties' request for an indicative ruling.
Impact on XRP Market
Ripple Labs' decision to end its cross-appeal is likely to have a major impact on the XRP market in both the mid and long term. The Ripple vs SEC case has significantly hindered the mainstream adoption of XRP over the past four years. With the SEC expected to officially drop its appeal soon, the price of XRP is well positioned to regain bullish sentiment.
Future of XRP
Following the announcement, the price of XRP increased by 1.5%, trading around $2.13. Technical analysis indicates that the price of XRP has been consolidating over the last six months, with a potential bullish breakout on the horizon. However, this midterm bullish sentiment may be invalidated if the XRP price consistently closes below the support level around $2 in the coming weeks.
In conclusion, the resolution of the lawsuit between Ripple Labs and SEC opens new prospects for the XRP market. This event could restore positive sentiment among investors, but attention must be given to future price movements.
