- The U.S. SEC drops the lawsuit against Ripple executives, including CEO Brad Garlinghouse and Executive Chairman Chris Larsen.
- The price of XRP surged more than 10% after the lawsuit was dismissed.
In a significant turn of events, XRP, the cryptocurrency associated with Ripple, experienced a significant surge in value, climbing over 9% early on Friday, reaching $0.529. This surge followed the U.S. Securities and Exchange Commission’s (SEC) decision to dismiss the lawsuit against Ripple executives, including CEO Brad Garlinghouse and Executive Chairman Chris Larsen.
The SEC dropped claims that these executives aided and supported the company in violating federal securities laws with its XRP transactions. This unexpected development led to the cancellation of a trial scheduled for next year and marked another victory for Ripple in its prolonged legal battle with the regulatory agency.
XRP 24-H Price Analysis
As a result of the SEC’s decision, XRP’s price recorded a 10% gain within a matter of hours, although it later experienced a minor correction of nearly 2%. At the time of writing, XRP was trading at $0.5174, reflecting an 8% increase in the last 24 hours and a 7.3% gain over the past week. Further, the daily trading volume soared by more than 123% in the last 24 hours, reaching $1.7 billion.
Analyzing XRP’s price action, it is evident that the cryptocurrency has been in a consolidation range over the past three months, with a sideways trend. However, a sharp bullish spike recently emerged, potentially leading to a reversal of the death cross pattern between the 50-day and 200-day Exponential Moving Averages (EMA).
The XRP price exceeded the 200-day EMA, and the daily Relative Strength Index (RSI) demonstrated strong momentum, crossing the halfway line. These indicators suggest a high-speed bullish phase with a growing likelihood of sustained continuation.
If this trend persists, XRP may break through the next key resistance levels at $0.55 and $0.62, with the potential to climb even higher, reaching $0.68. However, if the trend falters, XRP could face a decline, with support levels at $0.48 and, in a worst-case scenario, $0.35.
This development marks a crucial turning point in the legal battle between Ripple and the SEC, and it has had a significant impact on XRP’s value. Share your thoughts by tweeting us at @The_NewsCrypto.
