XRP News: SEC Drops Case Against Ripple Labs, Boosting XRP Price

In a major development for the cryptocurrency market, the United States Securities and Exchange Commission (SEC) has decided to drop its case against Ripple Labs after more than three years of litigation. This decision has had a significant impact on the price of XRP, the native cryptocurrency of Ripple’s payment system.

XRP Price Explodes as SEC Backs Down

After more than three years of litigation, the United States Securities and Exchange Commission (SEC) will drop the case against Ripple Labs. According to Brad Garlinghouse, the CEO of Ripple Labs, the U.S. SEC will drop its appeal, which was filed to dispute the 2023 ruling by Judge Analisa Torres. Earlier this month, the U.S. SEC proposed that XRP is a payment system and not viewed as a security asset under the Howey test.

Futures Open Interest Drops, But Analysts Predict XRP Rally

Futures open interest for XRP sees a double-digit drop, but analysts predict a major surge for the cryptocurrency in the NEAR future. Despite recent declines in open interest, experts anticipate a rally for XRP due to ongoing developments in its legal battles and growing institutional interest. Additionally, Lightchain AI gains traction as a rising contender in the market.

XRP Price Forms Head-and-Shoulders Pattern, Eyes $2

XRP price trends indicate an upcoming volatile phase, as a head-and-shoulders pattern is developing on its weekly chart. The formation of this traditional bearish pattern implies that the asset needs strong support to dodge adverse price movements. The left shoulder was generated in late January, leading to head development in early February, before proper shoulder formation in early March. A breakdown confirmation will happen when the price moves below the neckline near $2.10. A price fall that breaks through neckline support might trigger additional selloffs. The $2 support level is critical for price stability, as XRP has maintained its current price value of $2.34 with a 1.07% boost over the previous period.

Ripple vs. SEC Lawsuit Ends: What’s Next for XRP Price and Ripple’s Future?

The four-year long lawsuit between Ripple and the SEC has finally concluded. With Trump’s support for the crypto sector, a number of cases against the SEC have been dismissed. Investors are curious about Ripple’s next steps and how the XRP price will respond. XRP recorded a 10% gain following the news.