XRP surged following an announcement from Ripple CEO Brad Garlinghouse regarding the conclusion of the company’s legal battle with the US Securities and Exchange Commission (SEC).

Garlinghouse shared the news on X on March 19, stating that the SEC would drop its appeal. Following the development, XRP reached $2.59 before facing resistance. The price has since entered a correction, currently trading around $2.39.

Ripple Wins as SEC Drops Appeal

Ripple’s legal dispute with the SEC has concluded, bringing an end to a case that began in December 2020 when the regulator alleged a $1.3 billion unregistered securities offering.

Garlinghouse announced the development, stating: “The case has ended; it’s over.” Garlinghouse described the outcome as significant for the crypto industry and emphasized the need for the US to take a leading role in the sector.

Meanwhile, Garlinghouse expressed his optimism about Bitcoin during the Blockworks Digital Asset Summit in New York. He shared that he bought Bitcoin in 2012 and continues to hold it, having used it for transactions but not selling it. Garlinghouse reiterated his positive outlook on Bitcoin, stating: “I am bullish on Bitcoin, period.”

XRP Struggles After Rejection at $2.59

The XRPUSD H1 chart shows that after facing rejection at 2.59000, the price has been moving downward, breaking through key support levels. As of now, the cryptocurrency is nearing a potential breakout at 2.39000.

If confirmed, sellers could continue pushing the price lower, with the 2.32000 level potentially coming into focus, where XRP previously saw strong upward movement.

Ripple’s Key Partnerships and Legal Developments

Ripple has been in the spotlight due to several developments. Michael Saylor, Executive Chairman of Strategy, recently discussed cryptocurrencies’ role in US strategic reserves after President Trump’s executive order listed Bitcoin, Ethereum, XRP, Solana, and Cardano. Saylor suggested that XRP should be issued under a regulatory framework.

Ripple gained attention when CEO Garlinghouse and CLO Alderoty met President-elect Trump on January 6, fuelling speculation about the SEC’s lawsuit filed in December 2020, alleging XRP was sold as unregistered securities.

The company has expanded partnerships with Revolut and Zero Hash, aiming to compete with USDT and USDC. In Portugal, Ripple is working with Unicâmbio to enable instant payments between Portugal and Brazil using digital assets.

In South Korea, BDACS will use Ripple Custody to secure XRP and RLUSD, while Ripple donated $100,000 in XRP for California wildfire relief. Ripple anticipates Japanese banks adopting XRP Ledger by 2025 for cross-border payments.

In DeFi, Ripple is collaborating with Chainlink to integrate RLUSD into Ethereum-based platforms. Investor interest remains high, with whales purchasing 520 million tokens during a recent dip.

This article was written by Tareq Sikder at www.financemagnates.com.TrendingRead More

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