XRP Price Prediction As SEC Dismisses Lawsuits Versus Ripple Labs Execs – Can XRP Rally Back to $1?

cryptonews.com:

XRP (XRP), the cryptocurrency that powers the XRP Ledger launched over a decade ago by US fintech firm Ripple Lab, has jumped in the last hour following reports that the US Securities and Exchange Commission (SEC) has dropped lawsuits against two key Ripple executives.

XRP was last trading close to $0.51, up around 4% on the day, though the cryptocurrency has pulled back from earlier session highs above $0.52.

The SEC said in court papers that it was no longer pursuing claims that Ripple Labs CEO and the company’s co-founder Chris Larsen aided and abetted in the sales of $1.3 billion in XRP tokens, which the agency claimed classify as unregistered securities in its lawsuit launched against Ripple Labs back in 2020.

https://twitter.com/News_Of_Alpha/status/1715107343564697858?s=20

Back in July, the US judge presiding over this lawsuit said that these sales didn’t necessarily warrant a sale of unregistered securities.

That ruling was broadly seen as a (partial) defeat for the SEC, with XRP spiking over 70% in one day to hit highs for the year close to $0.95.

Since then, air has come out of the XRP market, with prices struggling in a $0.45-55ish range over the past two months.

But Thursday’s news of the SEC dropping its claims against Ripple executives emphasizes how Ripple has the upper hand in its ongoing lawsuit with the SEC.

While XRP’s intra-day price action is strongly bullish, XRP remains locked within recent ranges and is still struggling with resistance in the form of its 200DMA, which it hasn’t been able to break convincingly above since August.

But with things still looking good for Ripple in their lawsuit versus the SEC and sentiment in the broader market robust amid hopes that spot Bitcoin ETFs will soon garner