XRP Price Jump 12% as US SEC and Ripple Legal Battles End at Last

In a decisive move that concludes a protracted legal dispute, the United States Securities and Exchange Commission (SEC) and Ripple Labs have jointly dismissed their appeals in the high-profile XRP lawsuit.

This action, formally recognized by the Second Circuit Appeals Court on Thursday, marks the end of a multi-year legal battle that has significantly impacted the perception and market performance of the XRP token since its inception in 2020.

SEC and Ripple End Legal Battle

According to a statement made by Ripple’s chief legal officer, Stuart Alderoty, the dismissal was formalized through a direct filing with the Second Circuit following a vote by the Commission. Both parties have agreed to bear their respective costs and fees associated with the appeals process.

This resolution effectively removes a regulatory hurdle that has overshadowed XRP. The timing of this development coincides with other positive catalysts, such as the filing by Japan’s SBI Holdings to introduce a Bitcoin-XRP exchange-traded fund (ETF).

Furthermore, the news has triggered a notable surge in XRP’s market activity. The token has overcome previous resistance levels, accompanied by a peak trading volume of 300 million during a rise in institutional buying.

This rally is supported by bullish chart patterns and the resolution of the legal uncertainty, collectively fostering increased confidence in the digital asset.

The convergence of technical breakouts and a fundamentally improved narrative is driving this market behavior. The SEC settlement alleviates the drag imposed by years of litigation, potentially paving the way for greater institutional investment within U.S. markets.

XRP Price Trajectory

Price analysis indicates significant accumulation above $3.10, followed by sustained consolidation above $3.30. This pattern suggests firm conviction among buyers, even after the initial price spike. The ETF filing by SBI Holdings further bolsters demand, positioning XRP to potentially capitalize on continued inflows into spot Bitcoin ETFs.

CoinGecko XRP trading data shows a significant surge in XRP’s value, with an 11.6% increase in the 24 hours ending on August 8. The token’s price rose from $2.99 to $3.30 during this period.

Notably, this rapid ascent resulted in the breaching of multiple resistance levels and a trading volume that exceeded 300 million.

The trading session exhibited a $0.35 range, reflecting 12% volatility from the session’s low of $2.97 to a peak of $3.33. A new resistance level has formed at $3.33, with strong demand emerging above $3.10 in the session’s concluding hours.

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