XRP price has experienced its biggest jump in the last ten days, following in the footsteps of Bitcoin and news surrounding the lawsuit of the Securities and Exchange Commission (SEC) and Ripple Labs’s top executives. The most prominent cross-border money transfer has increased by 7.2% to trade at $0.5169, considering a minor pullback from $0.53.
US SEC Drops Case Against Ripple Executives As XRP Price Explodes
The US agency regulating securities, the SEC, has dropped the civil lawsuit against blockchain company Ripple Labs’ executives Brad Garlinghouse (the CEO) and Chris Larsen (executive chair) which has dragged on since December 2020.
According to a filing the agency made in the US District Court for the Southern District of New York, the SEC sought to notify all involved parties in the case against the company “have stipulated to the dismissal with prejudice” indicating that a trial was not required.
The filing did not touch on the case between the SEC and Ripple Labs which the latter partially won in early July.
However, it stipulated that the two sides would need “to meet and confer on a potential briefing schedule concerning the pending issue in the case—what remedies are proper against Ripple for its Section 5 violations with respect to its Institutional Sales of XRP—and respectfully request until November 9, 2023, to propose such schedule to the Court or, if the parties cannot agree, to seek a briefing schedule from the Court on a contested basis.”
Ripple executive Stuart Aldeorty, the firm’s legal officer, in response to the move by the agency, termed the move “a surrender by the SEC” and not a settlement.
Meanwhile, Ripple in a statement referred to the the decision by the agency as a “stunning capitulation.”
Today was an even better day.
In all seriousness, Chris and I (in a case involving no claims of fraud or misrepresentations) were targeted by the SEC in a ruthless attempt to personally ruin us and the company so many have worked hard to build for over a… https://t.co/YsQxewFnj9
— Brad Garlinghouse (@bgarlinghouse) October 19, 2023
Investors responded to the news by buying more XRP causing a shift in the momentum, following several bearish months. XRP price currently holds above all three applied moving averages starting with the 21-day Exponential Moving Average (EMA) (red) which has just confirmed a golden cross pattern by lifting above the 100-day EMA (blue).
The 200-day EMA (purple) at $0.5048 is already lined up to support XRP price in case traders book profits, resulting in a sell-off. However, the Moving Average Convergence Divergence (MACD) upholds the bullish outlook, which means XRP price could keep the uptrend going with the immediate target at $0.54.
Backing this bullish out is a massive return of whales “holding between 10k to 10M XRP, accumulating rapidly.” The cohort according to the blockchain analytics platform accounts for 29.5% of the XRP’s total supply.
🐳📈 #XRPLedger enjoyed its first jump above $0.53 in 10 days despite most #altcoins continuing to decline. The rise can largely be attributed to the ‘smart money’ tiers, holding between 10K to 10M $XRP, accumulating rapidly. They hold 29.5% of the supply. https://t.co/KULxMtMGRL pic.twitter.com/LTzFcrwG3f
— Santiment (@santimentfeed) October 20, 2023
If whales continue with the buying spree, XRP price could extend the uptrend to $1 and possibly launch the token into the bull run where the community expects to hit the all-time high of $3.40 in 2018.
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