- The long-running Ripple vs. SEC lawsuit has officially ended with a joint dismissal.
- The price of XRP surged in response, rallying from $2.99 to over $3.30.
- Analysts are now targeting the $4 price level as the next logical step for XRP.
The nearly five-year legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is officially over. Both parties filed a joint dismissal on Thursday, August 7, formally withdrawing their appeals and making last year’s landmark court ruling that XRP sales on public exchanges are not securities, final.
How Did the XRP Price React?
The news sent an immediate bullish surge to XRP’s price. XRP price surged from around $2.99 level to $3.34 at the time of writing, with trading volume soaring as the market absorbed the definitive news; as reflected in the CoinMarketCap data.
What Is the Price Prediction for XRP Now?
With the lawsuit settled, technical analysis points to further upside. XRP is currently trading near the midline of its ascending channel, which suggests there’s still room for it to climb. A sustained move above the current $3.33 resistance could open the door to the next major targets in the $3.50 to $4.00 range.
Today’s XRP Outlook: The long-term target is $4, but what about right now? Here’s CoinEdition’s specific prediction for XRP price today, August 8.
What Does This Mean for an XRP ETF?
The end of the lawsuit immediately shifts the focus to the next major catalyst: a spot XRP ETF. Bloomberg ETF analysts Eric Balchunas and James Seyffart have maintained an optimistic 95% approval probability for an XRP spot ETF by year-end, while Polymarket odds rose to around 87%, a 16% increase since the Ripple vs. SEC lawsuit is finally over.
How fast things changed for XRP. Just a short while ago, the big fear was an XRP correction to $2.48.
The odds of approval dropped from 86% to 62% on Polymarket in the past two days after the news of SEC Commissioner Caroline Crenshaw planning to vote against the XRP ETF approval broke out. However, the levels have since then recovered. ETF Store President Nate Geraci had previously stated that leading asset management firm BlackRock has been waiting for the Ripple vs. SEC lawsuit to be over before filing for an XRP ETF application in the US.
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