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.
This article was written by Tareq Sikder at www.financemagnates.com.
Source link
