XRP, the fourth-largest cryptocurrency by market cap, rose nearly 6% in 24 hours following Ripple’s announcement to end its legal battle with the U.S. Securities and Exchange Commission (SEC). Ripple has dropped its cross-appeal against the SEC and expects the agency to do the same.
Ripple CEO Brad Garlinghouse described this development as the start of a new chapter, saying, “We’re closing this chapter once and for all and focusing on what’s most important—building the internet of value.” The news arrived shortly after a U.S. district court denied a joint motion from Ripple and the SEC for an indicative ruling, a decision met with optimism by the crypto community.
On-chain analytics platform Santiment reported that while retail interest in Bitcoin and Ethereum eased, sentiment for XRP reached a 17-day high despite the court ruling.
Nate Geraci, president of ETF Store, noted that resolving the lawsuit could pave the way for spot XRP ETFs and allow firms like BlackRock to enter the market.
At the time of writing, XRP traded around $2.19, up 5% over 24 hours, after rebounding from a $2.06 low on Friday. A sustained rise above the 50-day and 200-day moving averages, near $2.26 and $2.36 respectively, might push XRP toward $2.65. Support is expected near $1.90 if selling pressure returns.
In related developments, Robinhood launched micro futures contracts for XRP in the U.S., expanding its crypto futures offerings beyond Bitcoin and Ethereum. The new product was officially released on Friday.