Court Approves Joint Stipulation of Dismissal
The recent approval of the joint stipulation of dismissal for the appeal filed by Ripple Labs and the SEC by the United States Court of Appeals for the Second Circuit marks the official closure of the lawsuit filed by the U.S. SEC in late 2020. This development has been met with great enthusiasm by the Ripple Labs community, XRP holders, and the wider crypto industry.
Institutional investors have reacted appropriately to the official closure of the Ripple vs SEC case. Following this closure, fund managers seeking to offer spot XRP ETFs have rushed to update their filings. Seven fund managers, led by Graysvale Investment, updated their S-1 filings in anticipation of the upcoming October deadline. This move has been seen as a positive sign for the XRP market outlook, as regulatory clarity in the United States has helped Ripple significantly.
Looking ahead, with the SEC lawsuit against Ripple officially closed, XRP price is well positioned to enter its euphoric phase in the 2025 bull market. The large-cap altcoin currently has a fully diluted valuation of about $308 billion and has gained 6.9 percent in the past 24 hours, trading at around $3.08 at the time of writing.
From a technical analysis perspective, XRP price has been forming a potential descending triangle amidst a rising market, indicating bullish accumulation. The next major target for XRP price is $6.9, which coincides with the 1.618 daily Fibonacci extension.
Overall, the closure of the Ripple vs SEC case has set the stage for positive developments in the XRP market, with institutional investors reacting positively and XRP price poised for further growth in the future.
