This was announced by the CEO of the fintech company Brad Garlinghouse. The entrepreneur noted that the proceedings lasted more than four years. ”Reflecting today on what happened, it looks pretty clear to me that the case was doomed from the start. In many ways, this was the first major shot in the war against cryptocurrencies,” he said. In December 2020, the SEC filed a lawsuit against Ripple, accusing the company of selling $1.3 billion worth of unregistered XRP securities, with Garlinghouse and co-founder Chris Larsen also named as defendants. In July 2023, Judge Analisa Torres of the Southern District of New York ruled that programmatic sales and other distributions of the Ripple token did not constitute an offer and sale of investment contracts. However, according to the ruling, the marketing of the coins to large players violated securities laws. The court dismissed the SEC's interlocutory appeal, finding that it lacked sufficient evidence and that its consideration would not ”materially advance the ultimate dismissal of the case.” Subsequently, the Commission dismissed the suit against Garlinghouse and Larsen. The parties entered into a settlement agreement that precluded further charges on the former grounds. In August 2024, Judge Torres issued a final judgment in the case, fining Ripple $125 million. The regulator originally claimed $2 billion. In October, the SEC contested the verdict. The agency took steps to reconsider the court's earlier decisions in terms of misapplying the law. The Commission proposed to revisit offerings and sales of XRP on digital asset platforms, Garlinghouse's and Larsen's involvement, and distributions of the token ”in exchange for consideration other than cash.” ”Ripple proved to be the first company with the resources, determination and grit to fight the regulator's overreach, and today that journey is finally coming to an end. This is a victory and a long overdue capitulation by the SEC,” Garlinghouse emphasized. He thanked industry participants for Ripple's support during the proceedings with the regulator. The entrepreneur made a special mention of the role of the company's general counsel Stuart Alderoti; The latter has already stated that the firm will consider how ”best to file a cross-appeal” with the SEC. Quotes of XRP on the background of the news rose by ~15%. The price of the token rose to levels near $2.6. The Crypto Community's Reaction to Ripple's Victory Over the SEC The struggle with Ripple before his departure was unleashed by the former head of the Commission Jay Clayton. Many expected that the regulator would give up pressure on the project amid the change of SEC chairman, but it didn't happen. Under the leadership of the new chief commissioner, Gary Gensler, the Ripple team faced a wave of complaints. Crypto-loyal Commissioner Mark Wedd was appointed acting chairman of the Commission under Trump. It was under his administration that the SEC capitulated in the case against Ripple. Crypto community reaction Crypto investors rushed to congratulate the Ripple team with the long-awaited victory. Among them, the former chairman of the U.S. Federal Government Commodity Futures Trading Commission Chris Giancarlo extended his congratulations to the developers of Ripple. The team was also congratulated by Coinbase crypto exchange founder Brian Armstrong, former U.S. presidential communications aide Anthony Scaramucci, and many other crypto businessmen and prominent political figures. Many members of the cryptocommunity are confident that XRP will rise in value on the back of the news. The growth of the Ripple cryptocurrency, according to optimists, will also help the launch of ETFs based on the coin. Different predictions are heard online. While some wait XRP at $20, others are sure that the cryptocurrency will soon be worth tens of hundreds of dollars. Can XRP Upgrade ATH? XRP buyers are in complete control The DMI chart for XRP shows a notable shift, with the ADX (Average Directional Index) rising to 20.4 from 15.64 following the news that the SEC has withdrawn its lawsuit against Ripple. This rise indicates a strengthening market trend. Additionally, the +DI rose from 18.3 to 39, while the -DI fell from 19.63 to 12.97, indicating a clear bullish divergence. The surge in buying activity (+DI) and weakening bearish signal (-DI) confirm that XRP is looking to maintain and develop an uptrend. If this trend continues, we can expect further gains in the near term thanks to the strengthening bullish momentum. The Number of Active Ripple XRP Addresses Reaches New Records Activity in the XRP network has increased significantly: over the past 7 days, the number of active addresses has reached a record 1.19 million. For comparison: on February 27, the figure was only 237,000, which means almost fivefold growth. The growth in the number of active addresses is a signal that the XRP blockchain is attracting more participants, including retail traders and institutional investors. Such dynamics may also portend an inflow of new capital into the cryptocurrency. While this doesn't guarantee an immediate price increase, online activity could support the XRP price and reduce downside risks, especially when combined with other positive technical or fundamental factors. XRP Outlook: Whether A Rise to $3 is Possible At the time of writing this analysis, XRP traded at $2.41. The growth of the token over the last day amounted to 8.3%. The EMA lines are now pointing to the possible formation of a new ”golden cross” in the near future. On the other hand, if the XRP price fails to stay above the current range, a new downtrend may start. In this case, the support level at $2.37 will be key. A break below this level could increase downsides risks for XRP: then the price would retest $2.21 and possibly $1.90.
