- The U.S. SEC drops the lawsuit against Ripple executives, including CEO Brad Garlinghouse and Executive Chairman Chris Larsen.
- The price of XRP surged more than 10% after the lawsuit was dismissed.
In a significant turn of events, XRP, the cryptocurrency associated with Ripple, experienced a significant surge in value, climbing over 9% early on Friday, reaching $0.529. This surge followed the U.S. Securities and Exchange Commission’s (SEC) decision to dismiss the lawsuit against Ripple executives, including CEO Brad Garlinghouse and Executive Chairman Chris Larsen.
![](https://wordpress-1016567-4521551.cloudwaysapps.com/wp-content/uploads/2023/10/xrp-soars-over-10-on-positive-update-from-ripple-vs-sec.png)
The SEC dropped claims that these executives aided and supported the company in violating federal securities laws with its XRP transactions. This unexpected development led to the cancellation of a trial scheduled for next year and marked another victory for Ripple in its prolonged legal battle with the regulatory agency.
XRP 24-H Price Analysis
As a result of the SEC’s decision, XRP’s price recorded a 10% gain within a matter of hours, although it later experienced a minor correction of nearly 2%. At the time of writing, XRP was trading at $0.5174, reflecting an 8% increase in the last 24 hours and a 7.3% gain over the past week. Further, the daily trading volume soared by more than 123% in the last 24 hours, reaching $1.7 billion.
Analyzing XRP’s price action, it is evident that the cryptocurrency has been in a consolidation range over the past three months, with a sideways trend. However, a sharp bullish spike recently emerged, potentially leading to a reversal of the death cross pattern between the 50-day and 200-day Exponential Moving Averages (EMA).
![](https://wordpress-1016567-4521551.cloudwaysapps.com/wp-content/uploads/2023/10/xrp-soars-over-10-on-positive-update-from-ripple-vs-sec-1.png)
The XRP price exceeded the 200-day EMA, and the daily Relative Strength Index (RSI) demonstrated strong momentum, crossing the halfway line. These indicators suggest a high-speed bullish phase with a growing likelihood of sustained continuation.
If this trend persists, XRP may break through the next key resistance levels at $0.55 and $0.62, with the potential to climb even higher, reaching $0.68. However, if the trend falters, XRP could face a decline, with support levels at $0.48 and, in a worst-case scenario, $0.35.
This development marks a crucial turning point in the legal battle between Ripple and the SEC, and it has had a significant impact on XRP’s value. Share your thoughts by tweeting us at @The_NewsCrypto.
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- Source: https://thenewscrypto.com/xrp-soars-over-10-on-positive-update-from-ripple-vs-sec/
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