XRP News Today: XRP Surges 8.5% After Ripple Settles SEC Lawsuit

XRP, the cryptocurrency associated with Ripple, has seen a notable increase in value following the resolution of a protracted legal dispute with the U.S. Securities and Exchange Commission (SEC). The settlement, which concluded after more than four years of legal battles, has provided much-needed clarity around XRP’s regulatory status and sparked renewed optimism in the crypto market.

Ripple agreed to pay a reduced penalty of $50 million, down from the initially proposed $125 million, and the SEC will return $75 million of previously escrowed funds back to Ripple. This outcome has brought a sense of relief and optimism to the market, with XRP’s price surging by more than 8.5% over the past 24 hours, rising above the key resistance level of $2.25.

The positive market response to the settlement is evident in the price movements of XRP. The cryptocurrency briefly tested the $2.40 level and is eyeing further gains. Technical indicators also point to growing bullish sentiment, with XRP currently trading above the 100-hourly Simple Moving Average and strong support forming around the $2.30 level. Traders anticipate a possible breakout beyond the $2.42 and $2.50 resistance levels if the momentum holds.

Whale activity has also played a significant role in the recent price surge. Data show that whales have bought approximately $2 billion worth of XRP in the past 30 days, reflecting increasing confidence in the medium-term future of XRP. However, analysts caution against excessive enthusiasm, noting that XRP’s year-to-date gain remains modest and that whales offloaded 370 million XRP in early April, indicating ongoing volatility.

With the lawsuit behind it, Ripple is positioning itself for aggressive growth. The company recently acquired brokerage firm Hidden Road for $1.22 billion and is reportedly exploring new acquisition targets. Brad Garlinghouse, Ripple’s CEO, emphasized the company’s resilience during the legal proceedings, stating that Ripple has continued to innovate, expand, and build trust with financial institutions despite the lawsuit.

The clarity from the court’s decision could also aid Ripple in pushing for an XRP ETF and increase adoption of Ripple’s enterprise solutions. Some believe that the court’s partial ruling in Ripple’s favor strengthens the argument that XRP is a commodity rather than a security, potentially opening new regulatory doors.

Looking forward, the settlement and the refund of $75 million provide Ripple with more capital to invest in new projects on the Ripple ledger network and lead to increased usage of XRP on Ripple exchanges. The legal clarity should also attract institutional players, such as Ripple partner Bank of America, to probe Ripple technology further. With increased retail demand and the revival of optimism in crypto markets, the Ripple market may be primed for further growth. Traders are keeping a close eye on key price levels like the $2.42 and $2.50 resistance levels to see if the bullish breakout will persist. This week’s lawsuit update for XRP marks a turning point for Ripple and the entire crypto sector.