Garlinghouse, speaking at the Digital Assets Summit in New York, criticized the SEC’s actions, stating that the legal battle had been a “painful journey” but that Ripple had ultimately been “on the right side of the law and history.” Ripple’s Chief Legal Officer Stuart Alderoty also emphasized that this resolution sets a precedent for the U.S. crypto industry.
How Has XRP Reacted?
XRP, the fourth-largest cryptocurrency by market capitalization, saw an immediate spike in price following the announcement. The coin surged from a low of $2.26 earlier in the day to $2.59 before stabilizing. Over the past week, XRP has gained 14%, adding to its 22% rise year-to-date. The resolution of the legal uncertainty has fueled bullish sentiment, with traders eyeing further upside potential.
What’s Next for Ripple and XRP?
While the SEC has dropped its appeal, legal experts caution that certain details remain unresolved. Ripple may still choose to pursue its own appeal regarding the classification of institutional sales, or it may opt to settle the case by paying a $125 million fine. The final legal resolution could influence XRP’s regulatory standing and future adoption, particularly in the U.S.
Market Outlook
With the SEC retreating from several high-profile crypto enforcement actions—including cases against Coinbase, Robinhood, and Uniswap—the regulatory environment appears to be shifting. The newly formed SEC crypto task force is expected to provide further clarity on digital asset classifications, which could benefit XRP and the broader market.
For traders, XRP’s price movement now hinges on broader crypto sentiment and Ripple’s next steps. With legal uncertainty easing, XRP could see increased institutional and retail interest, setting the stage for potential further gains.
More Information in our Economic Calendar.
