Ripple Drops Its Cross Appeal and Anticipates U.S. SEC to Cooperate

Ripple Labs, a leading blockchain payment company based in the United States, has taken a significant step towards resolving a long-standing lawsuit. Brad Garlinghouse, the CEO of Ripple, announced on Friday that the company has decided to drop its cross appeal in an effort to bring an end to the litigation. In a reciprocal move, the U.S. SEC will also be dropping its appeal, signaling a mutual agreement to settle the dispute amicably. This development comes in the wake of Judge Analisa Torres’ decision to deny both parties a motion for an indicative ruling.

“We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value. Lock in,” Garlinghouse stated in a post on X.

What does this mean for the XRP market going forward? The decision by Ripple Labs to end its cross-appeal case is expected to have a significant impact on the XRP market in both the midterm and long term. The Ripple vs SEC case has been a major obstacle to the mainstream adoption of XRP over the past four years, and its resolution could pave the way for a more positive outlook for the cryptocurrency.

With the SEC set to officially drop its cross-appeal case soon, XRP’s price is poised to see a resurgence in bullish sentiment. Following the announcement, XRP, a large-cap altcoin with a fully diluted valuation of approximately $211 billion and a 24-hour average trading volume of around $2.4 billion, saw a 1.5 percent increase in price to trade at around $2.13 during the late North American trading session.

From a technical analysis perspective, XRP’s price has been consolidating over the past six months, with the potential for a bullish breakout in the near future. However, it is important to note that the midterm bullish sentiment could be invalidated if XRP’s price consistently closes below the support level of $2 in the coming weeks.

Overall, the resolution of the Ripple vs SEC lawsuit is a positive development for the XRP market and could pave the way for increased adoption and growth in the cryptocurrency’s value. Investors and traders will be closely monitoring the situation to gauge the impact of these recent developments on XRP’s price and market performance.