Will the next Bitcoin XRP be? SEC decreases the lawsuit, sending the price by 12 % – TRADINGVIEW News
After more than four years of legal battles, the American Securities and Stock Exchange Committee (SEC) withdraws a lawsuit against Ripple. The XRP news was sent to a 10 % increase, as investors welcomed the long -awaited decision to the case that led to the cover of the distinctive symbol future since 2020.
At the time of this post, XRP was traded at $ 2.53, according to Coinmarketca data. This represents an increase of 12 % and 18 % in daily and weekly plans, respectively.
The lawsuit that rocked the encryption industry
Brad Garlinghyus, CEO of Ripple, described the latest development as a “resounding victory”, highlighting a turning point for the encrypted currency industry.
“This is – the moment we are waiting for. The Supreme Education Council will drop its attractiveness – a resounding victory for Ripple, for Crypto, every way you looked.
This is – the moment we are waiting for. SEC will drop its attractiveness – a resounding victory for Ripple, for encryption, every way you look.
The future is bright. Let’s build. pic.twitter.com/7wsd0c92cm
SEC initially filed a lawsuit against Ripple in December 2020, which claimed that the company raised $ 1.3 billion through XRP unregistered, which ranked the agency as a security.
A major turning point came in 2023 when American judge Angia Torres eliminated that although Ripple had violated securities laws in institutional sales, its software sales of retailers did not divide the regulations.
The decision was considered as a partial victory for Ripple, which prompted SEC to make a notice of appeal. However, the latest development confirms that the agency abandons its attractiveness, which effectively ends it.
The organizational approach is transformed
SEC’s decision to drop the case comes amid wider organizational enforcement transformations. In recent months, the committee has also retreated from investigations into major encryption companies, including Coinbase and Kraken.
The departure of former SEC Service Gary Ginsner and Paul Attins to lead the agency under the Trump administration has played a role in the SEC retreat.
The price of XRP rises on the daily chart, Source: Coinmarketcap
Ripple CEO has suggested that the lawsuit was never about to protect the investor, but rather an attempt to stifle the encryption industry. The case concludes speculation about the possibility of a XRP on the Stock Exchange (ETF).
What is the following for Ripple and XRP?
After advertising, the trading volume in XRP also increased, reflecting the renewal of the renewed investor. According to Coinmarketcap, trading volumes in XRP increased by 97 % to $ 7 billion.
Ripple’s legal victory can enhance its position on the market, allowing it to focus on expanding business instead of legal battles. However, whether the distinctive symbol will be the next bitcoin is still uncertain.
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