TL;DR
- XRP has joined the overall market trend in the past few hours by posting a massive green candle that took it from under $2.8 to almost $3.1.
- Aside from the positive news on the US interest rate front, there’s a big update on the lawsuit between Ripple and the SEC.
It’s safe to say that this is a complicated case, and its conclusion has been announced several times in the past. It all started in mid-March when Ripple CEO Brad Garlinghouse said both parties had agreed to withdraw their respective appeals against each other and had decided to settle with a $50 million penalty.
Although that sounded like a victory for Ripple, there were more complications along the way as Judge Torres denied their requests at first.
However, both sides filed a joint dismissal of the appeals in early August, which was once again categorized as the lawsuit’s end. Yet, it still needed the approval of the Second Circuit, which was finally announced minutes ago by defense lawyer James K. Filan.
XRP’s price, which has been significantly impacted in the past by the various developments within the case, went on a roll after the news went live. Admittedly, its surge coincided with the broader market’s revival after the US Fed Chair Jerome Powell hinted at possible rate cuts.
Nevertheless, XRP is up by more than 10% since its multi-week low registered earlier today at just under $2.8. It currently trades close to $3.1, which could spell trouble for over-leveraged short traders, as explained earlier.
