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XRP Price Soars After SEC Drops Ripple Appeal
XRP, the cryptocurrency associated with Ripple Labs, experienced a dramatic price surge following the SEC's decision to drop its appeal in the long-running legal battle. The news sent shockwaves through the crypto market, with XRP prices jumping nearly 10% in a single day and briefly hitting $2.57, according to CoinGecko.
Ripple's Victory
Ripple CEO Brad Garlinghouse announced the end of the four-year legal fight in a video statement, declaring it a victory not just for Ripple but for the entire crypto industry. He criticized the previous SEC leadership for its actions, stating the case was "doomed from the start." The decision, while celebrated, still needs a final Commission vote.
Market Reaction
The positive news spurred a broader rally in the crypto market. Bitcoin, Ethereum, Solana, and Cardano all saw significant gains. The "Ripple & XRP" and "XRP Army" hashtags trended on X (formerly Twitter) as XRP holders rejoiced. This positive sentiment followed weeks of bearish market trends.
Impact of Fed's Decision
The Federal Reserve's decision to maintain interest rates unchanged also contributed to the positive market sentiment. This provided a much-needed boost of confidence after weeks of uncertainty surrounding Trump's economic policies and the potential for a recession. The combined effects of the SEC news and Fed's decision led to significant gains across the crypto market, particularly for XRP.
Short-Term Outlook for XRP
While the immediate future looks bright, analysts warn of potential short-term volatility. Bearish divergences remain, and while XRP has bounced off key support, resistance levels around $2.60-$2.80 may limit further gains in the near term. The RSI indicator also suggests potential overbought conditions, signaling a possible price correction.
Long-Term Implications
Brad Garlinghouse's optimistic outlook points towards potential future growth, including the prospect of XRP ETF approvals and even an IPO. The long-term impact of this legal victory remains to be seen, but it undoubtedly marks a significant milestone for XRP and the cryptocurrency industry as a whole.
