Ripple Labs officially ends the lawsuit with the SEC
Ripple Labs, the leading company in blockchain payments in the United States, has just taken a decisive step to end the years-long legal battle. On Friday, Brad Garlinghouse – CEO of Ripple – announced that the company has withdrawn the cross-appeal, opening a new chapter for the future of XRP.
Mr. Garlinghouse stated that the U.S. Securities and Exchange Commission (SEC) will also withdraw its appeal to settle the lawsuit amicably. This decision was made after Judge Analisa Torres rejected the request for a guiding ruling from both parties.
"We are closing this chapter thoroughly and focusing on what matters most – building the Internet of Value. Be ready," Garlinghouse shared on social network X.
The impact of the termination of the cross-appeal on the XRP market
Ripple Labs' withdrawal of the cross-appeal will create strong momentum for the XRP market in the medium and long term. For the past 4 years, the lawsuit with the SEC has always been the main barrier hindering the widespread acceptance of XRP in the cryptocurrency ecosystem.
It is expected that when the SEC officially withdraws its appeal, the bullish sentiment of XRP will be clearly restored. Immediately following the announcement, this large-cap altcoin – with a fully diluted valuation of about 211 billion USD and an average trading volume of around 2.4 billion USD over 24 hours – rose nearly 1.5%, trading around 2.13 USD during the last trading session in Northern America.
Technical analysis and trend outlook for XRP
Technically, the price of XRP has maintained a sideways trend over the past 6 months, laying the groundwork for a potential price breakout in the near future. However, the mid-term bullish outlook will be negated if the price of XRP continuously closes below the key support level of around 2 USD in the coming weeks.
Overall, the conclusion of the lawsuit with the SEC is seen as a positive catalyst, contributing to the surge in the attractiveness of XRP and boosting investor confidence in the growth potential of the cryptocurrency ecosystem. Investors need to closely monitor price movements and liquidity to seize opportunities during this transitional phase.
Source: https://tintucbitcoin.com/ripple-rut-khang-cao-mong-sec-hop-tac/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
