XRP Price Soars 14% as the SEC Drops Appeal in Landmark Victory Against Ripple

The cryptocurrency world is abuzz with the dramatic resurgence of XRP. In a landmark victory that has sent shockwaves through the market

The cryptocurrency domain has seen better days, especially in the U.S., where the Securities and Exchange Commission (SEC) has been making headlines for its stringent stance on crypto firms. However, a surprising turn of events has unfolded as the SEC dropped its appeal against a court ruling that largely favored Ripple.

This decision has far-reaching implications, considering the SEC had been attempting to overturn a lower court ruling that largely favored Ripple in their case over the sale of XRP.

The SEC had argued that Ripple should have registered its XRP token offering as a security. However, a U.S. District Judge ruled in favor of Ripple on most claims, and the SEC later dropped its appeal of that decision.

This development has sparked a 14% surge in XRP, pushing it to $2.55, while also driving a 330% surge in whale accumulation and a 157% increase in XRP network activity.

Following a lower court ruling largely in favor of Ripple and the SEC’s decision to drop its appeal of that ruling, technical analysts at Glass Node are now projecting a bullish outlook for XRP.

Despite the case dragging on for over four years, the SEC ultimately decided not to proceed further with its case against Ripple. This decision comes after a U.S. District Judge ruled in favor of Ripple on most claims in April.

The case began in December 2020 when the SEC sued Ripple, claiming that the no-mint, no-burn cryptocurrency firm had defrauded investors by conducting an unregistered securities offering of XRP for seven years.

After a lower court ruling largely in favor of the cryptocurrency firm and the SEC’s decision to drop its appeal of that ruling, technical analysts at Glass Node are now projecting a bullish outlook for XRP.

In a recent analysis, Glass Node pointed out that the SEC’s case focused on whether XRP should be classified as a security and whether the manner in which it was sold to U.S. investors was a violation of securities law.

The analysis further revealed that the case had a significant impact on the cryptocurrency market. After the SEC filed the lawsuit, there was a 60% decline in XRP’s price from $0.60 to $0.24. However, following the ruling in April, XRP experienced a rapid recovery of almost 300%, reaching a high of $3.94 in August.

Moreover, Glass Node noted a substantial surge in large investor, or “whale,” accumulation of XRP in the third quarter of 2023.

“After the case began in December 2020, there was a 240% increase in net realized value flowing into large investor (whale) wallets in Q3 2023 alone, compared to the previous quarter,” the analysis stated.

The analysis also highlighted a 157% surge in XRP network activity in the third quarter, indicating increased user engagement and adoption.

As of August 24, Glass Node reported that the total realized value in large investor (whale) wallets had reached $27 billion, almost double the level at the start of 2020.

Furthermore, the analysis revealed that the majority of the realized value flowing into large investor (whale) wallets was in the form of short-term investor funds.

This finding suggests that despite the case dragging on for over four years, a significant portion of the realized value was not related to the case itself.

After the case began in December 2020, there was a 240% increase in net realized value flowing into large investor (whale) wallets in Q3 2023 alone, compared to the previous quarter.

The analysis also highlighted a 157% surge in XRP network activity in the third quarter, indicating increased user engagement and adoption.

As of August 24, Glass Node reported that the total realized value in large investor (whale) wallets had reached $27 billion, almost double the level at the start of 2020.

The analysis revealed that the majority of the realized value flowing into large investor (whale) wallets was in the form of short-term investor funds.

This finding suggests that despite the case dragging on for over four years, a significant portion of the realized value was not related to the case itself.