Binance News
--
Ripple's Legal Victory Over SEC: Market Impact and Future Prospects
According to Cointelegraph, the United States Securities and Exchange Commission (SEC) has decided to dismiss its legal action against Ripple, marking the end of a four-year litigation over an alleged $1.3-billion unregistered securities offering in 2020. Ripple CEO Brad Garlinghouse announced the decision on March 19, signaling a significant win for the blockchain developer. However, industry experts suggest that the market had already anticipated this outcome, potentially minimizing its immediate impact on Ripple's market performance.
Dmitrij Radin, founder of Zekret and chief technology officer of Fideum, noted that the market may have priced in this development since U.S. President Donald Trump's election. He emphasized that while the dismissal is positive for Ripple, it might not lead to a substantial market shift as expected. "Yes, they are dropping the case, but there was already the appeal," Radin stated, highlighting that the market had already accounted for this possibility. Despite an 11% relief rally following the announcement, the XRP token struggled to maintain its position above the $2.5 mark, experiencing a decline of over 6.3% since March 19, according to Cointelegraph Markets Pro data.
Nicolai Sondergaard, a research analyst at Nansen, echoed similar sentiments, attributing the XRP token's lack of momentum to the market's prior expectations of the SEC's decision and the prevailing poor market sentiment. "It was, to be honest, already expected at this point, and the macro environment and general uncertainty are not doing XRP any favors," Sondergaard explained. Despite these challenges, some technical chart patterns suggest a potential 75% rally for XRP following the lawsuit's conclusion. As of March 21, XRP showed signs of recovery, aiming for a rise toward the $2.35 level by April, with a possible breakout target of $4.35 by June.
Conversely, a drop below the lower trendline could negate the bullish outlook, potentially pushing XRP toward $1.28. Despite the current price trajectory, the SEC's decision to drop the case is expected to have a long-term positive impact on the market, fostering a narrative of a more crypto-friendly SEC. Radin from Fideum highlighted the potential for a beneficial shift in market sentiment due to this development, suggesting that the narrative change could influence investor expectations positively in the long run.
Dmitrij Radin, founder of Zekret and chief technology officer of Fideum, noted that the market may have priced in this development since U.S. President Donald Trump's election. He emphasized that while the dismissal is positive for Ripple, it might not lead to a substantial market shift as expected. "Yes, they are dropping the case, but there was already the appeal," Radin stated, highlighting that the market had already accounted for this possibility. Despite an 11% relief rally following the announcement, the XRP token struggled to maintain its position above the $2.5 mark, experiencing a decline of over 6.3% since March 19, according to Cointelegraph Markets Pro data.
Nicolai Sondergaard, a research analyst at Nansen, echoed similar sentiments, attributing the XRP token's lack of momentum to the market's prior expectations of the SEC's decision and the prevailing poor market sentiment. "It was, to be honest, already expected at this point, and the macro environment and general uncertainty are not doing XRP any favors," Sondergaard explained. Despite these challenges, some technical chart patterns suggest a potential 75% rally for XRP following the lawsuit's conclusion. As of March 21, XRP showed signs of recovery, aiming for a rise toward the $2.35 level by April, with a possible breakout target of $4.35 by June.
Conversely, a drop below the lower trendline could negate the bullish outlook, potentially pushing XRP toward $1.28. Despite the current price trajectory, the SEC's decision to drop the case is expected to have a long-term positive impact on the market, fostering a narrative of a more crypto-friendly SEC. Radin from Fideum highlighted the potential for a beneficial shift in market sentiment due to this development, suggesting that the narrative change could influence investor expectations positively in the long run.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
