The long-standing legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple has concluded. The SEC has withdrawn its appeal, marking a significant victory for Ripple and the broader crypto industry.
Conclusion of the SEC and Ripple Case
The SEC's withdrawal of its appeal in the case against Ripple came as an unexpected turn, triggering market fluctuations. XRP’s price surged over 15%, reaching $2.56, and is now eyeing the $3 mark. Experts suggest that in the near future, the price could follow a five-wave pattern, initially aiming for $7 to $12, and later potentially between $20 and $40.
Ripple's Response and Leadership Reaction
Ripple CEO Brad Garlinghouse acknowledged the moment as significant for the company and criticized the SEC, accusing it of a campaign that adversely affected the market, reducing the value of innocent XRP holders' assets by $15 billion.
The Future of XRP and the Crypto Industry
Reflecting on the case's outcome, Garlinghouse emphasized that the win proves that XRP is not a security. He noted that this victory offers a clearer path for regulating the crypto industry in line with existing securities laws. Garlinghouse expressed hope that this would help make the U.S. the 'crypto capital' and praised new government leaders for a more rational approach.
The conclusion of the case between the SEC and Ripple charts new prospects for cryptocurrency regulation in the U.S. and significantly impacts the crypto market.
