The post XRP Price Explodes as SEC Backs Down – Massive Rally Ahead? appeared first on Coinpedia Fintech News
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.
“This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it. The future is bright. Let’s build,” Garlinghouse noted.
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. Furthermore, the U.S. SEC Chair Paul Atkinson is aligned with President Donald Trump’s bid to enable the mainstream adoption of crypto assets and blockchain technology.
XRP Price Ready for Liftoff
Following the announcement, XRP price recorded a double percentage digit spike in the past 24 hours to trade about $2.5 on Wednesday, March 19, during the mid-New York session. The large-cap altcoin, with a fully diluted valuation of about $233 billion and a 24-hour average trading volume of around $5.4 billion, experienced a jump of around $200 million in Open Interest (OI) catalyzed by leverage traders.
From a technical analysis standpoint, XRP price is on the cusp of rallying towards its all-time high after successfully retesting the lower bottom of a horizontal consolidation range. However, on-chain data shows whale investors have not yet aped into the XRP market, thus likely to consolidate to attract more buyers. Moreover, the odds of the announcement turning into a classic sell-the-news are high.
