The Ripple v. SEC case was long hailed as the catalyst that would propel XRP to new heights.
Unfortunately for the bulls, that isn’t exactly how it has panned out thus far. Ripple Labs Chief Executive Officer (CEO) Brad Garlinghouse announced the end of the case in a March 19 X post.
“This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it.”
However, the Securities and Exchange Commission (SEC) did not comment on the matter in the weeks following the announcement. In the 48 hours after Garlinghouse’s announcement, XRP had lost $11 billion in market capitalization.
Moreover, macro instability on account of President Trump’s tariff policy led to a sell-off in the wider cryptocurrency market, further extending the losses.
On April 10, the SEC and Ripple jointly filed to have the appeal against Ripple’s original victory held in abeyance — essentially nullifying it.
However, while the Ripple v. SEC case could officially end soon, some in the XRP community are cautioning against undue optimism.
The Ripple v. SEC case victory might not be enough to ignite a bull run
The impact of the legal victory could already be priced in, per crypto influencer All Things XRP, who shared this sentiment in an April 13 X post.
“If you think XRP is going to the moon the moment the SEC case OFFICIALLY ends… You’re already late. That’s priced in. The real move? Comes after. Watch what Ripple does next — partnerships, utility, big plays. That’s where the action will be. Eyes open. Don’t get caught sleeping.”
Indeed, the digital asset has failed to make any significant move to the upside as of late. At press time on April 14, XRP was changing hands at $2.14, after an 11.98% surge on the 1-week chart.
There’s an apparent credence to what the XRP influencer has put forth, as XRP still has a long way to reach $2.55, the high that was seen in the immediate aftermath of the Ripple Labs’ CEO’s comment.
However, several bullish catalysts are now at play. The exchange supply of the cryptocurrency has hit a 1-month low, in a move which is sure to abate selling pressure.
Noted chart expert Ali Martinez recently pointed out an ascending triangle pattern. If his technical analysis holds water, a decisive move above $2.22 could lead to a surge back to $2.40. In a slightly longer-term view, pseudonymous researcher RizeSenpai set a $30 price target through the use of Fibonacci retracement.
With that being said, readers should keep in mind that market-wide dynamics will most likely continue to dominate the course of price action in the short term.
Featured image via Shutterstock
