XRP Price Jumps 8% as U.S. Court Ends Ripple-SEC Case

• The court-approved joint dismissal ends the multi-year legal battle, with Ripple agreeing to pay a $125 million penalty, pushing XRP price higher.
• ETF issuers, including Canary Capital, Grayscale, and others, have updated S-1 filings with the SEC for spot XRP ETFs.

• ---

  Ripple’s native cryptocurrency XRP is seeing strong market activity, gaining 8% and moving past the crucial resistance of $3.0. This comes as the US appeals court approves the dismissal of the Ripple-SEC case.

  Furthermore, proposers of the spot XRP ETF have filed an amended S-1 with the US SEC, raising overall market expectations.

  XRP Price Rally to Continue Moving Ahead

  XRP price has reclaimed the $3 level after dropping below its 50-day moving average earlier this week, when heavy whale selling pushed prices down to $2.72. Traders are now eyeing a break above $3.10 as confirmation for a potential rally toward $4.

  Apart from this short-term outlook, market analysts continue to remain hopeful of the double-digit target of $10 and beyond for the Ripple cryptocurrency. As predicted by popular analyst Dark Defender, the XRP price has bounced back from the support at $2.85 and is eyeing higher price targets.

  The analyst has announced subsequent price targets of $3.33, $4.36, $5.85, and $10.4765, as mentioned in our previous story.

  Source: Dark Defender

  US Court Puts An End to the Ripple Lawsuit

  In an announcement on Friday, August 22, defense attorney James Filan confirmed that the Second Circuit has approved the Joint Stipulation of Dismissal filed by the SEC and Ripple, officially bringing the case to a close.

  Moreover, the SEC has also withdrawn its appeal, while Ripple and its executives Chris Larsen and Brad Garlinghouse have dropped their cross-appeal, as reported by CNF earlier.

  The joint dismissal marks the end of the long-running legal battle, with the court’s approval clearing the way for Ripple. Ripple will now pay $125 million to the SEC as a penalty for securities violations, an amount that had been held in escrow pending the resolution of the appeals.

  Pro-crypto attorney John Deaton responded to the court’s approval of the XRP lawsuit dismissal, calling it a case “from hell.” Deaton played a key role in the proceedings, having filed an amicus brief in 2021 on behalf of XRP holders to challenge the SEC’s assertion that the token was a security.

  Issuers File S-1 for Spot XRP ETF

  Canary Capital Group has submitted an updated S-1 filing to the SEC for its proposed Canary XRP ETF, marking a significant move toward bringing the Ripple-linked token into mainstream U.S. markets. According to the filing, the ETF is planned to list on the Cboe BXZ Exchange and aims to give investors direct exposure to XRP without the need to hold the cryptocurrency directly.

  Bloomberg ETF analyst James Seyffart reported that multiple issuers, including Grayscale, CoinShares, Bitwise, Franklin, 21Shares, and WisdomTree, have updated their XRP ETF filings today. Seyffart said the revisions are “almost certainly” in response to SEC feedback, calling the development positive but largely anticipated.

  ]]>