XRP Price Surges 16% Following Reports That the Ongoing Ripple vs SEC Lawsuit May Finally Be Coming to a Conclusion

XRP saw a slight surge in value on March 12, following reports that the ongoing Ripple vs SEC lawsuit may finally be coming to a conclusion.

As the U.S. Securities and Exchange Commission (SEC) and Ripple are nearing the end of their long-running lawsuit, rumors are swirling that the agency may be preparing to drop the case.

More broadly, the crypto market is showing signs of recovery after a turbulent period, with altcoins leading the charge.

XRP price edges up as SEC lawsuit rumors swirl

XRP saw a slight surge in value on March 12, following reports that the ongoing Ripple vs SEC lawsuit may finally be coming to a conclusion.

After opening the day at $2.07, still aiming to recover from this week’s major dropdown in the crypto market, Ripple’s altcoin showed great strength as it continued to recover throughout the day.

At this time of writing, $XRP trades at $2.23 — up 16.39% from yesterday’s lowest point, according to CoinMarketCap.

Moreover, buyers are seeking to cement the currency at the $2.20 margin — a key support zone in XRP’s price action history.

Since December’s rally to a new all-time high, the $2,.20—$2.30 zone has served as a pivotal margin for XRP.

The asset first touched that zone on December 1st, 2024. For the entirety of that month, bears tried to drive the price down from that zone, and every single time buyers denied their attempts with strong buying pressure, keeping the price supported and signaling a clear demand from market participants in that critical area.

In fact, buyers are still defending the $2.20 zone to this day. Despite March 11’s dip to $1.89 — the fact that XRP is now back to this key zone demonstrates its importance as a critical support level.

In the below image, you can see how every time volume spiked forcing $XRP’s value downwards, almost every time bears faced opposition at the $2.20 zone showcasing the strength of buyer demand at this level.

Whether today’s price movement for XRP will reignite a new rally for the token, or simply showcase the buyer’s strength remains to be seen. Nonetheless, if rumors are true and we witness the Securities and Exchange Commission dropping the Ripple lawsuit in the coming weeks — we will most likely see a lot activity on the XRP market.

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