On March 18, 2023, it was announced that one of the longest legal battles in the crypto world reached its end. The SEC withdrew its appeal in the case against Ripple, leading to significant market reactions.
History of the Ripple and SEC Conflict
The conflict between the SEC and Ripple began in December 2020 when the Commission accused the company of illegally selling securities worth $1.3 billion through XRP tokens. Over the last years, court decisions gradually weakened the regulator's position.
Market Reaction to Withdrawal
The announcement of the case closure impacted XRP’s price, which rose by 13% to $2.56. Bitcoin and Ethereum also saw respective increases of 2.2% and 6.6%. However, some experts believe the market had already anticipated this outcome, limiting its broader impact.
Potential Future for XRP
Despite the limited market response, analysts see signs of a significant potential rise for XRP in the coming weeks. Technical charts suggest a possible 75% price increase by June, should the bullish trend materialize.
The closure of Ripple’s case with the SEC opens new opportunities for the company and the crypto market at large. Improved regulatory conditions may create a more favorable environment for the market.
