Ripple Labs, a top-tier blockchain payment company based in the United States, has made a deliberate effort to end the long standing lawsuit. On Friday, Brad Garlinghouse, the CEO at Ripple, announced that the company has dropped its cross appeal.
According to Garlinghouse, the U.S. SEC will also drop its appeal in a bid to end the litigation amicably. The announcement follows the recent decision by Judge Analisa Torres to deny both parties a motion for an indicative ruling.
“We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value. Lock in,” Garlinghouse noted in an X post.
The decision from Ripple Labs to end its cross-appeal case will have a major impact on the XRP market in the midterm and the long term. As Coinpedia has reported in the past, the Ripple vs SEC case has remained a major source of headwinds for the mainstream adoption of XRP in the past four years.
With the SEC expected to drop its cross appeal case officially soon, XRP price is well positioned to regain bullish sentiment. Following the announcement, the large-cap altcoin, with a fully diluted valuation of about $211 billion and a 24-hour average trading volume of around $2.4 billion, gained around 1.5 percent to trade about $2.13 during the late-North American trading session.
From a technical analysis standpoint, XRP price has been consolidating in the last 6 months, with a potential bullish breakout on the cards. However, the midterm bullish sentiment will be invalidated if XRP price consistently closes below the support level around $2 in the coming weeks.
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