After a prolonged legal battle between Ripple and the SEC, the case has concluded, though the market's response was not as significant as expected.
Details of Ripple Case and its Conclusion
On March 19, Ripple CEO Brad Garlinghouse revealed that the SEC is dropping its legal action against Ripple, ending four years of litigation over an alleged $1.3 billion unregistered securities offering in 2020.
Market Reaction to SEC Decision
Despite an initial 11% relief rally in XRP post-announcement on March 19, the token failed to maintain above the $2.5 mark, dropping over 6.3% since the announcement. Analysts attribute this to the market having priced in the outcome in advance.
XRP Prospects and Market Implications
Despite the lack of significant market shifts, some technical analyses suggest a potential 75% rally for XRP by June. However, a fall below key support levels could lead to a drop to $1.28.
Though the conclusion of the SEC case against Ripple may not catalyze immediate changes, it could have a positive long-term impact on the market by shifting perceptions and fostering expectations of a more crypto-friendly SEC.
