The United States Court of Appeals for the Second Circuit has approved the joint stipulation of dismissal for the appeal filed by Ripple Labs and the SEC. According to the order issued at the Thurgood Marshall Courthouse, the stipulation withdrawing the appeals was approved on Friday August 22.
As a result, the lawsuit filed by the U.S. SEC in late 2020 is officially over. The Court’s approval of the joint stipulation of dismissal for the appeals was welcomed by the Ripple Labs community, the XRP holders, and the wider crypto industry.
Following the closure of the longstanding Ripple vs SEC case, fund managers seeking to offer spot XRP ETFs rushed to update their filings on Friday. With the October deadline fast approaching, seven fund managers, led by Graysvale Investment, updated their S-1 filings.
“Bunch of XRP ETF filings being updated by issuers today. Almost certainly due to feedback from the SEC. Good sign, but also mostly expected,” James Seyffart, ETF analyst, noted.
The regulatory clarity in the United States has helped Ripple grow the XRP market outlook significantly in the recent past.
With the SEC lawsuit against Ripple officially closed, XRP price is well positioned to enter its euphoric phase of the 2025 bull market. The large-cap altcoin, with a fully diluted valuation of about $308 billion, gained 6.9 percent in the past 24 hours to trade about $3.08 at the time of this writing.
From a technical analysis standpoint, XRP price has been forming a potential descending triangle, amid a rising market, signaling bullish accumulation. The next major target for XRP price is $6.9, which coincides with the 1.618 daily Fibonacci extension.
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