Summary
⚈ XRP is trading at $2.09, down 2.54% daily but up 0.65% YTD.
⚈ Despite resistance at $2.20, long bets rise, and whales continue accumulating XRP.
The latest news regarding the Ripple v. SEC case has come from Ripple Labs, and it has caused a bit of a stir in the cryptocurrency market.
On May 5, Ripple Labs published its Q1 2025 XRP markets report. Under “Key Highlights”, the report states the following:
“The SEC officially withdrew its appeal, closing the chapter on a multi-year legal saga that tested the limits of regulatory overreach and the war on crypto.”
As noted by cryptocurrency lawyer Bill Morgan in a May 6 X post, this is the first statement made by Ripple — not Chief Executive Officer (CEO) Brad Garlinghouse, which details the lawsuit as withdrawn.
“Odd though that the report states the SEC has officially withdrawn its appeal when the SEC commissioners, as far as we know have not voted yet on the matters.”
Indeed, as of the time of writing, the Securities and Exchange Commission (SEC) has not made any public statements regarding the matter — and even Ripple’s report cites Garlinghouse’s March 19 X post by way of which the news was broken.
Will the latest Ripple v. SEC case update have an effect on XRP prices?
While the discrepancy between Ripple Labs’ statement and the way that the SEC is handling affairs is notable, it is most likely not a cause for concern. The odds of Garlinghouse having made a false statement to the public, particularly at the beginning of a pro-crypto administration in the White House, are minuscule.
The likeliest explanation is that a deal has been reached regarding the Ripple v. SEC case — but that the commission is holding off on making the final decision public until it is in a better position to introduce regulatory clarity. In addition, as outlined by crypto lawyer James Farrell, a former SEC employee, the procedural steps involved in bringing the matter to a close, legally speaking, will most likely see the case drag on until October — and that’s in the best case scenario.
As of press time on May 6, XRP was trading at $2.09, having marked a 2.54% loss on the daily chart which has brought year-to-date (YTD) returns to 0.65%.
In spite of a failure to breach resistance at $2.20, XRP long bets have soared to a monthly high, whales have quietly been accumulating the token, and Ripple’s co-founder recently had a meeting with SEC chair Paul Atkins, indicating a significant degree of buying interest and that a dialogue between the regulatory body and the blockchain company is ongoing.
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