Contrary to Expectations, Ripple's Decision to Drop Its Cross-Appeal Didn't Ignite the Anticipated XRP Price Breakout

Contrary to what industry players expected, the projected positive impact of Ripple's decision to drop its cross-appeal in the SEC vs. Ripple case

Key Takeaways:

* Despite Ripple’s announcement of dropping its cross-appeal in the SEC vs. Ripple case, industry players expected a more positive impact.

* Onchain data shows that immediately after Ripple Chief Legal Officer Stuart Alderoty announced the withdrawal of their legal action and instead favored settlement terms aligning with Judge Analisa Torres’ Final judgment, the XRP price fell by 11%.

* The US Securities and Exchange Commission (SEC) hasn’t uttered a word on its appeal and might announce the appeal's withdrawal at the next SEC meeting on April 3.

* Experts opine that this decision could accelerate court filings intended to vacate Judge Torres’ injunction prohibiting XRP sales to institutional investors, the anticipated Spot ETF approvals, and Ripple’s US expansion and broader XRP adoption.

The cryptocurrency market continues to be a subject of interest for many, with a particular focus on Ripple’s (CRYPTO: XRP) token. As the dust settles on the SEC vs. Ripple case, attention now turns to the potential implications for the XRP price.

According to recent statements by former SWIFT employee Tom Milligan, at least 11,000 banks are trialing and have successfully tested the XRP network. This development underscores the growing demand for Ripple’s products and services.

Moreover, there are reports that SWIFT and Ripple are on the way to ink a deal to use XRP in their cross-border payment program. This collaboration could streamline international transactions and enhance the efficiency of financial institutions.

In other news, the upcoming SEC meeting on Thursday could determine the fate of XRP investors. The discussion could provide direction on the anticipated spot XRP ETF approval and other regulatory reliefs for the token.

If the SEC approves the spot XRP ETF, it would propel Ripple into the US financial markets and attract greater institutional investment.

Most experts agree that the XRP price outlook is dependent on the anticipated regulatory developments, primarily based on an expected favorable settlement. An official withdrawal of the SEC appeal, the growing demand for Ripple products such as the spot XRP ETF, and any deal with SWIFT could be the missing link for the almost elusive XRP price action and push the price to $3.5505.

However, any delays to the appeal withdrawal or failure to get a settlement and the stalling in SWIFT deals could negatively impact the XRP price and drop it to below $1.50.