Ripple CEO Hails SEC's Coinbase Dismissal, XRP Bulls Hopeful

Ripple CEO Brad Garlinghouse has applauded the U.S. Securities and Exchange Commission (SEC) for dropping its lawsuit against Coinbase, expressing optimism that this could signal a positive shift for XRP. The SEC's decision to dismiss the case against Coinbase has sparked speculation among market participants about the possibility of the agency dropping its lawsuit against Ripple, which could potentially trigger an XRP price surge.

Garlinghouse praised the new SEC leadership under Acting Chair Mark T. Uyeda for taking quick actions and not waiting for the permanent chair to be confirmed by the US Senate. He highlighted the agency's shift away from the previous administration's "regulation by enforcement" approach, suggesting that XRP holders have reason for optimism. Many believe that a dismissal of the case against Ripple could lead to a major bullish run for XRP.

Adding to the bullish signals, the SEC's recognition of Grayscale's 19b-4 filing for a spot XRP exchange-traded fund (ETF) has been interpreted by some as the agency supporting the expansion of XRP's footprint. This recognition, along with the SEC's recent actions, has raised hopes among XRP holders that the agency may be more supportive of the cryptocurrency.

At press time, XRP is trading at $2.58, down nearly 3% over the past 24 hours. The price sits below the 20-day Exponential Moving Average (EMA) of $2.63, suggesting a short-term bearish trend. Traders are closely watching the 20-day EMA, as many believe it presents major resistance that needs to become support for further upside.

The Relative Strength Index (RSI) for XRP price action reads a value of 46.97, suggesting neutral to bearish momentum. The gradient of the RSI line indicates that XRP could soon retest lower support levels. However, the Moving Average Convergence Divergence (MACD) indicator offers a slightly more nuanced picture. While the MACD line remains above the signal line, and the MACD histogram remains green, the low intensity of the histogram bars points to waning bullish momentum.