Key Notes
- XRP token has shot up 13% in the past 24 hours, claiming a daily high of $2.59.
- Ripple CEO Brad Garlinghouse confirmed resolution of the longstanding case filed by the SEC.
- XRP derivatives volume soared by 92.80% to $9.28 billion while Open Interest rose 14.35% to $3.63 .
The US Securities and Exchange Commission (SEC) has officially dropped its lawsuit against American fintech firm Ripple, ending a four-year-long legal battle that significantly impacted the cryptocurrency industry.
Ripple Secures Groundbreaking Victory
Ripple CEO Brad Garlinghouse announced the resolution via social media platform X on March 19, adding, “I’m finally able to announce that this case has ended. It’s over.”
The SEC filed charges against Ripple in 2020, claiming that the American firm was involved in an unregistered securities offering via the sale of its XRP token.
Garlinghouse called it “the first major shot fired in the war on crypto,” which ultimately led to an estimated $15 billion in losses for XRP holders. However, Ripple secured critical legal victories, establishing that XRP is not a security.
“That is now the law,” Garlinghouse emphasized.
Garlinghouse also condemned the SEC under Chairman Gary Gensler, accusing it of targeting the entire crypto industry using flawed legal arguments.
The SEC faced judicial scrutiny and was even sanctioned for discovery abuses, with the presiding judge rebuking the agency for lacking “faithful allegiance to the law.”
Garlinghouse views this legal victory as a turning point for the broader crypto industry.
With Donald Trump’s pro-crypto officials replacing Biden’s anti-crypto administration, legislators have shown increased interest in regulatory clarity for cryptocurrencies. The Ripple executive hopes the US can position itself as “the crypto capital of the world.”
XRP Price Analysis and Market Data
The conclusion of this lawsuit has had an immediate and significant impact on the market. XRP derivatives volume soared by 92.80% to $9.28 billion, with Open Interest rising 14.35% to $3.63 billion, Coinglass data shows .
XRP Options volume skyrocketed by 130.58% to $2.58K, while Options Open Interest increased 42.05% to $566.46K. These metrics indicate a renewed investor interest and confidence in XRP following the legal victory.
The price of XRP has experienced a substantial increase following the SEC’s withdrawal, with the token reaching a high of approximately $2.59 before retracing slightly. CoinMarketCap recorded a 13% increase in the past day with the altcoin trading at $2.52 at press time.
Using Fibonacci extension levels, XRP has already tested the 2.618 level at $2.4894. If bullish momentum continues, the next resistance levels lie at 3.618 ($2.5750) and 4.236 ($2.6279).
A sustained breakout above these levels could propel XRP toward new multi-year highs towards $4.
Moreover, the Moving Average Convergence Divergence (MACD) indicator reflects a strong bullish trend, with the MACD line (blue) trending sharply above the signal line (orange).
The MACD histogram also remains bullish with strong green bars suggesting improving momentum. This suggests that XRP may continue its upward trajectory in the short term.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
