SEC drops its appeal in the Ripple case, driving XRP up 15% to $2.56

Ripple CEO Brad Garlinghouse calls the SEC case a failed attack on crypto, celebrating a major legal victory for the industry.

The U.S. Securities and Exchange Commission (SEC) has dropped its appeal in the Ripple case, shutting down the legal battle that began in December 2020. This decision has had a significant impact on the cryptocurrency market, sending XRP’s price up by more than 15%. It reached a high of $2.56 and is now aiming for the $3 mark.

According to Tipranks, this price action is showing a five-wave pattern, setting the stage for ambitious future price targets. Initially, XRP could continue to rise and reach the $7 to $12 range. In the long term, the price prediction ranges are broad, with minimum expectations of $20 and maximum possibilities of $40. This would offer interested parties the chance to earn a 1,610% return on their investment if the predictions come true.

The long-running legal battle between the SEC and Ripple has finally come to an end. In a move that has sent shockwaves through the cryptocurrency industry, the SEC has decided to drop its appeal. This signals a major win for Ripple and the broader crypto community.

This case had huge implications for the future of cryptocurrency in the U.S. The outcome will set a precedent for how other cryptocurrencies are viewed and regulated.

The SEC sued Ripple in December 2020, claiming that the company sold XRP illegally to raise capital, making it an unregistered security. However, a federal judge ruled in July that XRP sold to institutional investors was a security, but not the programmatic sales to individuals.

The agency’s appeal to that ruling was surprising to many in the crypto industry, especially given that the ruling largely sided with the SEC. Some viewed it as an attempt to push the case further and potentially set a legal precendent for the entire crypto market.

This move comes amid a broader shift in the U.S. government's stance on cryptocurrencies. New leadership at the SEC and other agencies is taking a more engaged and open-minded approach to the industry.

The SEC’s decision to drop its appeal and the broader shift in the U.S. government's stance on cryptocurrencies are closely watched by the industry. This case could have far-reaching consequences for the future of cryptocurrency in the U.S.