This legal triumph has injected fresh momentum into XRP's price

This legal triumph has injected fresh momentum into XRP's price, with the cryptocurrency witnessing an 11% surge following the announcement.

The U.S. court's ruling in favor of Ripple has had a positive impact on the cryptocurrency, which saw an 11% surge following the announcement.

After a closely watched case that spanned over two years, a federal judge in New York ruled that the U.S. Securities and Exchange Commission (SEC) had failed to adequately demonstrate how Ripple sold unregistered securities.

The case began in December 2020 when the SEC sued Ripple for allegedly selling unregistered securities through its cryptocurrency, XRP. The SEC claimed that Ripple sold XRP to investors without registering the offering with the agency, as required by federal law.

Throughout the case, both parties presented their arguments, with the SEC arguing that XRP should be classified as a security and Ripple maintaining that it is a currency.

Finally, on April 13, Judge Analisa Torres ruled in favor of Ripple on all three claims. The judge stated that the SEC failed to meet its burden of proof and that its actions were not “reasonable, in light of the statutory language and the administrative record.”

Following the ruling, there was a minor daily decrease of 0.35% in XRP, which was trading at around $2.40, while the token's market capitalization stood at $139.4 billion, making it the fourth-largest cryptocurrency.

From a technical perspective, XRP was consolidating in a symmetrical triangle pattern, indicating uncertainty among traders. The 50-period Exponential Moving Average (EMA) at $2.37 was providing support for the token.

A breakout above the $2.50 resistance level could propel XRP toward the next key targets of $2.59 and $2.71. However, if support at $2.31 is breached, it could lead to a pullback toward lower support zones around $2.21 and $2.13.

To confirm an upward move beyond $2.50, a surge in trading volume would be crucial.

Key Levels to Watch:

Support Levels: $2.13, $2.21, $2.31

Resistance Levels: $2.50, $2.59, $2.71

As the case has now concluded, the implications for the broader crypto industry are far-reaching.

With the case closed, Ripple is calling on the SEC to shift its focus from legal battles to creating clear regulatory frameworks for the crypto industry.

Pro-crypto SEC Commissioner Hester Peirce, also known as "Crypto Mom," has expressed that the agency is working toward establishing clearer policies with input from the industry.

However, Ripple's Chief Legal Officer, Stuart Alderoty, has stated that the fight for fair regulations is ongoing.

"The SEC's past approach distorted the application of securities laws. We saw the agency use its administrative law powers in a way that was not intended by Congress," Alderoty said.

According to reports, Ripple is advocating for regulations such as safe harbor rules and testing in sandbox formats, which have already been implemented successfully in other parts of the world.

The outcome of Ripple's case could also affect other major SEC cases, such as those against Coinbase (NASDAQ:COIN) and Binance, which are being reconsidered or postponed.

This shift suggests that U.S. regulators may be adjusting their aggressive enforcement strategy on crypto.