XRP Surges as SEC Drops Lawsuits Against Ripple Executives
XRP (XRP), the cryptocurrency behind the XRP Ledger created by Ripple Lab, has experienced a sudden increase in value following reports that the US Securities and Exchange Commission (SEC) has dropped lawsuits against two key Ripple executives. The cryptocurrency is currently trading close to $0.51, up around 4% for the day. However, it has pulled back from earlier highs above $0.52.
The SEC has stated in court papers that it is no longer pursuing claims against Ripple Labs CEO Chris Larsen and the company’s co-founder for aiding and abetting in the sales of $1.3 billion worth of XRP tokens. The SEC had previously classified these tokens as unregistered securities in its lawsuit against Ripple Labs in 2020.
In July, a US judge ruled that these sales did not necessarily constitute the sale of unregistered securities, which was seen as a partial defeat for the SEC. XRP’s price spiked over 70% on that day to reach yearly highs near $0.95.
Despite struggling to break above its 200-day moving average since August, XRP’s price action remains bullish due to positive sentiment surrounding Ripple’s lawsuit with the SEC and hopes for approval of spot Bitcoin ETFs in the broader market. If XRP can convincingly surpass $0.55, it could potentially rally back towards yearly highs in the $0.90s.
Hot Take: XRP’s Potential for Growth
XRP holds significant potential for growth, especially considering its current suppressed price due to legal and regulatory uncertainties in the US. With Ripple seemingly gaining an upper hand in its legal battles against the SEC, there is a strong possibility that XRP could surpass $1 in the next crypto bull market, as it almost did earlier this year.
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