- SEC has dropped the lawsuit against Coinbase which could trigger an XRP price surge.
- Market participants speculate if the SEC under the Trump administration would drop the Ripple lawsuit.
- Brad Garlinghouse praised the new SEC for not waiting and taking actions quicker.
XRP could surge soon and the reason: The SEC might soon be dropping its lawsuit against Ripple.
The statement came from Ripple CEO himself, Brad Garlinghouse, who was suddenly in praise of the SEC. He was in fact citing the new SEC, under the Trump administration, deciding to drop its lawsuit against Coinbase exchange.
Garlinghouse Sees SEC “Shift” as Bullish for XRP
Garlinghouse highlighted the agency’s shift away from the previous administration’s “regulation by enforcement” approach in a post on X (formerly Twitter).
Garlinghouse suggests if the SEC is indeed looking to resolve past disputes quickly, XRP holders have a reason for optimism; specifically, hoping for a legal victory. Many believe a dismissal of the case against Ripple could trigger a major bullish run for XRP and this is exactly the hype train XRP wants to ride on.
SEC Under New Leadership Isn’t Holding Back
The crypto entrepreneur was quick to recognize the SEC under Acting Chair Mark T. Uyeda is not holding back.
While Paul Atkins’ nomination has yet to be confirmed by the US Senate, the agency isn’t waiting for the permanent chair before making big decisions, showcasing an unconventional approach.
Spot XRP ETF Recognition Signals SEC Support?
Adding to the bullish signals, consider the SEC’s recognition of Grayscale’s 19b-4 filing.
This filing is for a spot XRP exchange-traded fund (ETF). Some interpret this recognition as the agency supporting the expansion of XRP’s footprint.
XRP Price Analysis
At press time, XRP is trading at $2.58, down nearly 3% over the past 24 hours. The price sits below the 20-day EMA of $2.63.
Related: SEC and the Future of Crypto Startups – Looking Good
This position below the EMA suggests a short-term bearish trend. Traders are watching the 20-day EMA closely. Many believe it presents major resistance which needs to become support for further upside.
RSI Neutral-Bearish, MACD Shows “Waning Bullish Momentum”
Meanwhile, the chart below shows that the Relative Strength Index (RSI) for the XRP price action reads a value of 46.97, suggesting neutral to bearish momentum. The gradient of the RSI line suggests that XRP could soon retest lower support levels.
Related: XRP Holders Fire Back After Gary Cardone Says “I Sold My $81,000 XRP”
However, the MACD indicator offers a slightly more nuanced picture. While the MACD line (blue) remains above the signal line (orange), and the MACD histogram remains green, there’s a caveat.
The intensity of the histogram bars is very low. This low intensity points to waning bullish momentum.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
