Well, it looks like XRP is on the move again. After spending much of the day in the doldrums, the price shot up pretty dramatically in the last few hours. It jumped from a low around $2.80 to nearly $3.10. That’s a significant move in a short amount of time, and it’s got people talking.
To be fair, the entire crypto market saw a bit of a lift. Comments from the Fed Chair about potential interest rate cuts seemed to give everything a nudge. But for XRP, there might be something else at play here. Something that’s been a constant shadow over the asset for years now.
A Long-Awaited Legal Step
It’s the lawsuit, of course. The one between Ripple and the SEC. It’s a complicated mess, and I think we’ve all lost count of how many times we’ve thought it was finally over. It’s been a real saga.
It started back in March when Ripple’s CEO, Brad Garlinghouse, said both sides had agreed to drop their appeals. The talk was about a settlement, something like a $50 million penalty for Ripple. It sounded like a resolution, or at least the start of one. But then the judge wasn’t immediately on board with some of the requests, which dragged things out further. It never seems to be straightforward.
Is This Finally It?
Earlier this month, both parties filed a joint motion to dismiss the appeals. Everyone called it the end again. But it still needed a final sign-off from the Second Circuit court. We were just waiting for that official stamp.
And then, just a short while ago, we got it. Defense lawyer James K. Filan posted the update on social media. The court had approved the dismissal. This feels like a more concrete step than the previous announcements. Perhaps this is the chapter closing for real this time. It’s hard to say with absolute certainty, but it certainly looks that way.
The market reaction was pretty much instantaneous. XRP’s price took off right as the news broke. It’s up over 10% from its low today.
What Happens Now?
This legal battle has been a major weight on XRP. Every little development has caused these sharp price swings for years. With this apparent conclusion, a big source of uncertainty might be lifting. That’s probably what traders are betting on.
But it’s worth remembering the broader market is also green today. It’s not entirely clear how much of the pump is from the lawsuit news and how much is just general market mood. Probably a mix of both.
That sharp jump to almost $3.10 might also cause some pain. It likely caught a lot of short sellers by surprise, potentially forcing them to buy back and adding even more upward pressure. For now, the mood seems positive. We’ll have to see if it holds.
