XRP could post a powerful bullish breakout after Coinbase CEO Brian Armstrong made a major announcement regarding the U.S. Securities and Exchange Commission (SEC) lawsuit.
According to him, Coinbase has reached an agreement with the SEC to drop the lawsuit against the crypto exchange. This means that charges of trading unregistered securities against Coinbase could be dropped as early as next week.
The end of the lawsuit against Coinbase increases the likelihood that the SEC may withdraw its appeal against the company Ripple , issuer XRP . At least, that's what the crypto community and the head of Ripple Labs Brad Garlinghouse.
Huge congratulations to the entire Coinbase team for putting up a great fight, the CEO wrote. Ripple in social networks.
Ripple and the SEC have been embroiled in a legal battle since 2020, when the regulator accused the company of selling unregistered securities. Judge Analisa Torres later ruled that XRP is not a security when sold to retail customers, but institutional sales still violate securities laws. It obliged Ripple pay $125 million, which is significantly less than the SEC's original demand of $2 billion.
Both sides have appealed the judge's ruling, but many experts now believe the SEC may withdraw its ruling, which would be good for the rate. XRP .
However, for now Altcoyin falls. In a week XRP has fallen by almost 8%, and by 3,56% over the past XNUMX hours. At the time of writing, kriptovalyuta is trading at $2,57, up nearly 45% from its February low.
