Synopsis
The SEC dropped its appeal against Ripple, boosting XRP to $2.56 and strengthening investor confidence. Ripple sees this as a major win for crypto regulation. The ruling lifted Bitcoin and Ethereum, while Fed rate signals added to market optimism. Ripple aims for broader blockchain adoption.
XRP, the cryptocurrency associated with Ripple Labs, experienced a significant surge, reaching $2.52, following the US Securities and Exchange Commission’s (SEC) decision to withdraw its appeal against the company. This development marks a pivotal victory for Ripple and has notably boosted investor confidence in XRP.
The SEC initiated a lawsuit against Ripple in December 2020, alleging that the company had conducted an unregistered securities offering worth $1.3 billion through the sale of XRP tokens. This legal action had cast a long-standing shadow over XRP’s market performance. However, the SEC’s recent decision to drop its appeal effectively removes a major regulatory obstacle, allowing Ripple to operate with greater clarity and assurance.
Ripple’s CEO, Brad Garlinghouse, hailed this outcome as a “resounding victory” not only for the company but also for the broader cryptocurrency industry. He emphasized that the resolution of this case sets a significant precedent for other digital assets facing regulatory scrutiny.
Crypto Tracker
TOP COIN SETSNFT & Metaverse Tracker13.24% BuyDeFi Tracker10.37% BuyAI Tracker8.26% BuySmart Contract Tracker7.23% BuyBTC 50 :: ETH 506.79% BuyTOP COINS (₹) XRP212 (7.27%)BuySolana11,632 (6.62%)BuyEthereum173,995 (3.9%)BuyBitcoin7,421,061 (3.19%)BuyBNB54,270 (1.71%)BuyIn response to the SEC’s announcement, XRP’s price surged by approximately 11%, reaching a high of $2.56. This price movement underscores the positive sentiment among investors and the renewed optimism surrounding XRP’s future prospects.
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View Details »Ryan Lee, Chief Analyst at Bitget Research, commented on the broader implications of this legal victory: “Ripple’s latest legal victory against the SEC clarifies XRP’s regulatory status, potentially classifying it as a commodity and spurring institutional confidence. This could pave the way for XRP ETFs, boost its $142 billion market cap, and weaken the SEC’s aggressive stance, fostering a more crypto-friendly environment that benefits the broader altcoin market.”
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Ripple’s next steps for XRP
With the lawsuit behind it, Ripple aims to expand its business, focusing on blockchain-based payments and partnerships. The company sees this legal victory as an opportunity to position the U.S. as a leader in cryptocurrency innovation. As Garlinghouse stated, “It’s time to make the United States the crypto capital of the world.”
Broader cryptocurrency market impact
Ripple’s legal win also lifted the wider crypto market. Bitcoin rose 3.2% to $85,972, while Ethereum gained nearly 4% to $2,019. The global crypto market cap increased 3% to $2.81 trillion in 24 hours.
Investor sentiment improved further after the Federal Reserve signaled it still expects two rate cuts this year. The Fed kept interest rates unchanged but raised its inflation forecast while lowering economic growth projections, citing risks from US President Donald Trump’s tariff policies.
Markets responded positively to Fed Chair Jerome Powell’s remarks that tariff-driven inflation would be “transitory.” Stocks and cryptocurrencies rallied, while US Treasury yields and the dollar weakened.
Also Read: Can Bitcoin drop to $20K if Nasdaq falls into a bear market?
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
