Ripple News: XRP Price Rallies 7% As Former CFTC Chair Says ‘SEC Will Drop The Lawsuit’

The post Ripple News: XRP Price Rallies 7% As Former CFTC Chair Says ‘SEC Will Drop The Lawsuit’ appeared first on Coinpedia Fintech News

XRP has bounced back after a recent pullback to the $1.25-$1.30 range, where it found strong support. The cryptocurrency is currently outperforming other major coins, signaling potential for future growth. XRP is currently up by more than seven percent in the last 24 hours and is trading near the $1.45 levels. 

Despite the recent rally, experts warn that XRP is still in a consolidation phase. The key resistance level remains around $1.50, and analysts believe XRP could face challenges breaking above this mark without sustained momentum.

For now, XRP is expected to stay within its current range, with a potential upside to $1.70-$1.75 if the bullish momentum continues. In other news, Ripple has partnered with Bitwise, rebranding its XRP ETP to the Bitwise Physical XRP product. This move is seen as a big step for Ripple and XRP, as companies push forward with filing for XRP ETFs.

Ripple Vs SEC Update:

Gary Gensler’s resignation has sparked speculation about the case’s outcome. The SEC is required to submit its final arguments in the Ripple case by January 15, 2025. Ripple’s cross-appeal aims to secure a ruling affirming XRP’s status as a non-security. 

Former CFTC Chairman Giancarlo suggests that the incoming Trump administration may drop the SEC’s case against Ripple. With prior court rulings favoring XRP and a shift in leadership, Ripple’s legal standing appears stronger. Giancarlo said, “I would recommend that regulatory agencies drop a lot of these cases where they’ve lost. I think they should drop the XRP case. I would bet that they would.”

With Ripple’s legal position strengthening, XRP may soon be able to fully participate in the ongoing bull run, especially if there is a change in SEC leadership and more favorable regulatory conditions for crypto.