🌎 XRP Price May Surge After Coinbase SEC Lawsuit Win

XRP Price May Surge Following Coinbase’s SEC Lawsuit Dismissal

XRP has been experiencing a consolidation phase, but a recent development could potentially push its price higher. On Friday, XRP was trading at $2.67, a price that is approximately 50% above its lowest level this month.

Coinbase’s SEC Lawsuit Dismissal: A Catalyst for XRP Price

Coinbase CEO Brian Armstrong announced that the company has reached an agreement with the SEC staff to dismiss the litigation against the exchange. If approved by the commission next week, the decision will lead to the dismissal of charges against the exchange, including accusations of offering unregistered securities and operating as an unregistered broker-dealer.

This development could have a positive impact on Ripple Labs and XRP’s price. The dismissal of the Coinbase lawsuit increases the likelihood that the SEC may drop its appeal against Ripple, especially as the agency is expected to adopt a more crypto-friendly stance under the Trump administration.

Ripple’s Ongoing Legal Battle with the SEC

Ripple and the SEC have been embroiled in a legal battle since 2020, when the regulator accused Ripple Labs of selling unregistered securities. Although Judge Analisa Torres ruled that XRP was not a security when sold to exchanges, she determined that its institutional sales violated securities laws. Ripple was ordered to pay $125 million, significantly lower than the SEC’s initial $2 billion demand.

Both parties have filed appeals, but the SEC may withdraw its case, especially with the nomination of Paul Atkins, a crypto-friendly official, as the next SEC chair. Most analysts expect him to drop the appeal against Ripple.

XRP Price Analysis

The weekly chart shows that XRP has lacked clear direction over the past two months, aligning with most altcoins, which have also experienced pullbacks during this period.

However, XRP has remained above the crucial support level at $1.9855, the highest swing in April 2021. This price also marked the upper boundary of the cup-and-handle pattern, a well-known bullish indicator.

Additionally, XRP continues to trade above the 50-week moving average and the overshoot point of the Murrey Math Lines tool.

As a result, Ripple may stage a strong comeback, with an initial target of $3.40, the highest swing from November. This target represents a 27% increase from the current level. A breakout above this level could signal further upside, potentially pushing the price toward $5.

Key Takeaways:

XRP’s price may surge following Coinbase’s SEC lawsuit dismissal.
The dismissal of the Coinbase lawsuit increases the likelihood that the SEC may drop its appeal against Ripple.
XRP has remained above the crucial support level at $1.9855, a well-known bullish indicator.
Ripple may stage a strong comeback, with an initial target of $3.40, representing a 27% increase from the current level.