XRP News: Surge Ahead of FOMC Meeting Highlights Strong Performance

XRP Surges Ahead of FOMC Meeting

XRP (XRP) has surged by 13.2% today to $2.53 per coin ahead of the Federal Open market Committee (FOMC) meeting. As expected, the central bank opted to keep rates unchanged as the economy is performing well. Although inflation remains “somewhat elevated”, it is still fairly close to the institution’s goal of 2% per year. XRP is the best-performing token of the top 5, with annual gains of 22% at the time of writing, and it is the only one within this list that has delivered a positive performance during this period.

Bitnomial Drops SEC Lawsuit, Announces Launch of First-Ever XRP Futures

Bitnomial has decided to withdraw its lawsuit against the U.S. Securities and Exchange Commission (SEC) after the SEC agreed to drop its appeal against Ripple. The crypto derivatives exchange planned to launch XRP futures but was halted by the SEC’s claim of jurisdiction over such contracts. With the SEC’s decision, XRP futures are now set to launch on March 20, 2025, with approval from the CFTC. Following Ripple’s legal victory over the SEC, the price of XRP surged 14%.

XRP Liquidations Rising as Price Pivots

XRP price concluded last week on a bullish recovery trend with 5 consecutive days in the green. This upside trend also highlighted the risk of liquidations as Leveraged positions surged. In the first week of January, XRP experienced a leverage shakedown, but total liquidations have been rising in the last 3 days, with over $8 million in long liquidations in the last 24 hours compared to $2.28 million in short position liquidations. The highest long liquidations this month occurred on 3 March, with over $48 million liquidated.

Is the Ripple Lawsuit Entirely Over? CEO Discusses Pending Cross Appeal

After nearly four years of intense legal battles, the long-standing case between the U.S. Securities and Exchange Commission (SEC) and Ripple has finally come to an end. The SEC, which initially filed the lawsuit in December 2020 claiming Ripple’s cryptocurrency XRP was an unregistered security, has now dropped the appeal. In an interview with Bloomberg, CEO Brad Garlinghouse said, “This has been a long battle. But now, there is a lot more certainty for Ripple, and frankly, for me personally, because the SEC had sued me.” He revealed that the SEC has officially abandoned its appeal in the case.