Latest Ripple XRP News: The U.S. Securities and Exchange Commission has decided not to pursue its appeal in the lawsuit against the payments startup and according to Ripple CEO Brad Garlinghouse this caused the XRP to soar.
At $2.49, the price of XRP increased by 10% most recently. Know the latest XRP news here.
“It’s been almost four years and about three months since the SEC originally sued us, certainly a painful journey in lots of ways,” Garlinghouse said at the Digital Assets Summit in New York on Wednesday morning. “I deeply believed that we were going to be on the right side of the law and the right side of history.”
“The system just feels broken. That we had to fight this fight for the industry and you had an SEC attacking the industry, particularly the Ripple case,” he continued. “There were no victims, there was no investor loss. They were just not acting in good faith.”
The SEC filed a lawsuit against Ripple in 2020 for selling XRP without first registering it with the agency, in violation of U.S. securities regulations.
When U.S. District Judge Analisa Torres rendered the ruling in 2023, the company achieved a partial victory that was celebrated as a historic triumph for the cryptocurrency sector.
At the time, XRP was seen as an unregistered security offering if it was sold to institutional investors, but it was not regarded as a security when it was sold to regular investors on exchanges.
The move coincides with the SEC’s swift efforts to undo a large portion of the harm the previous administration caused to the cryptocurrency sector.
The agency pared back its crypto enforcement section last month, concluded its enforcement case against Coinbase, concluded its investigations into Uniswap, Consensys, Gemini, and Robinhood’s crypto subsidiary with no enforcement action, and ruled that meme coins are not securities.
The biggest owner of XRP currency is Ripple. The coin benefited the most from the Trump trade after the election. It has increased by 18% this year and by more than 385% since then.
The improvement, which has been widely praised in the cryptocurrency world, has greatly increased investor confidence, as evidenced by the 90% increase in XRP trading volume over the last day, according to CoinPedia.
The events of Wednesday have given XRP’s regulatory standing fresh clarity and opened up possible avenues for institutional adoption of the cryptocurrency.
There are other factors impacting today’s price move than Ripple’s court success. Technically, a significant downward resistance trendline that has been in place since January of this year has been broken by XRP.
Analysts at CoinPedia observed XRP successfully tested its essential 200-day exponential moving average which signifies potential continued upward price movement.
The cross-border financial market relies strongly on the XRP digital currency thanks to its institutional partnerships with Santander, SBI Holdings and American Express which distinguishes it from Bitcoin and other altcoins and ensures its continued value across borders even when prices temporarily fluctuate.
The SEC lawsuit outcome regarding institutions’ regulatory guidance will potentially speed up XRP’s entry into broad financial adoption.
Potential challenges need consideration from investors when making their decisions. Competing with XRP through stablecoins including USDC and USDT together with the emerging central bank digital currencies (CBDCs) provides identical fast and cost-effective cross-border transaction capabilities.
The movement of XRP pricing continues to depend on broad cryptocurrency market fluctuations together with global economic changes and Bitcoin price shifts.
XRP’s price performance depends on institutional adoption alongside regulatory stability and technological advancements that users need to understand relative to economic factors.
The successful trading of the XRP price will require investors to monitor both technical indicators and fundamental market events during upcoming days.
