XRP price surged following Ripple CEO Brad Garlinghouse’s announcement about the SEC’s decision to drop its appeal in the lawsuit against Ripple. The longstanding legal battle between the U.S. financial regulator and Ripple has drawn considerable market attention.
XRP rallied in price, should you buy now?
XRP saw a significant surge in reaction to the news of the SEC dropping its lawsuit appeal against Ripple. This multi-year legal case had negatively impacted XRP price and its adoption. When the SEC filed its lawsuit against Ripple in 2020, major crypto exchanges delisted the token, which caused XRP’s price to plummet. Recently, XRP traded at $2.4013, down nearly 6% from its recent highs, according to price data from Crypto.news.
End of Ripple lawsuit announced
Ripple CEO Brad Garlinghouse’s announcement of the lawsuit's end was surprising to many market participants. While Garlinghouse confidently announced the end of the prolonged legal battle, he clarified that the commission has yet to vote on the decision to withdraw the appeal in the SEC vs. Ripple case. The absence of a fixed timeline and confirmation from the U.S. financial regulator could be a reason for the decline in XRP price.
XRP price forecast for the week
XRP/USDT daily price chart shows potential for further gains in the major cryptocurrency. The native token of the XRPLedger is expected to target the $2.59 level next week, marking a 7% gain on the current price. Support at $2.2653 is crucial, and a breach of this level could imply an upcoming trend reversal.
Despite the end of the legal battle, investors remain optimistic about XRP's future prospects. New crypto-related funds and the prospect of XRP’s inclusion in the U.S. crypto stockpile fuel expectations of future price growth for the asset.
