The long-standing legal battle between Ripple 
$1 Labs and the U.S. Securities and Exchange Commission (SEC) is nearing its conclusion as Ripple announces the withdrawal of its cross-appeal against the SEC. This decisive move by Ripple’s CEO, Brad Garlinghouse, has captured the attention of individual and institutional investors alike, leading to a more than 5% surge in the price of XRP coin. The withdrawal comes just a day after a U.S. district court rejected a joint request by Ripple and the SEC to reduce a $125 million penalty and overturn a decision related to previous XRP sales.
Ripple’s Recent SEC Strategy
The withdrawal of the cross-appeal by Ripple signifies the company’s confidence in its business model and regulatory standing. If the SEC also withdraws its appeal, the four-year-long dispute will officially come to an end. This resolution could also provide clarity for other cryptocurrency companies under SEC scrutiny. Such legal clarity may pave the way for the approval of a spot XRP Exchange Traded Fund (ETF) in the U.S. Nate Geraci, President of The ETF Store, views Ripple’s decision as a pivotal moment.
Last week, Bloomberg analysts estimated a 95% probability of XRP ETF approval, while the Polymarket platform indicated a 78% chance of approval this year. Speculations suggest that BlackRock could spearhead such a fund, though the company has not yet made any official moves.
In contrast, Canada has already taken steps in this area, launching the “3iQ XRP ETF” fund. This fund quickly reached a managed asset size of $32 million, demonstrating robust early demand. Ripple’s Chief Technology Officer, David Schwartz, emphasized the importance of cross-chain interoperability for increasing real adoption within the XRP ecosystem. This week’s announcement regarding Wormhole indicates the company’s progress in this direction.
XRP Coin Price Analysis and $10 Target
The price of XRP coin has experienced more than a 35% decline from its first-quarter peak, continuing in a downward channel and ending the first half of the year on a low note. Nonetheless, XRP maintained a strong support zone in the second quarter, consolidating near the upper boundary of the channel.
While price movement in the first half of the year appears bearish, increasing bullish expectation, heightened Blockchain activity, significant integrations, and recent legal clarity signal potential imminent breakout signals. A favorable legal outcome for XRP could lead to a significant breakout targeting approximately $3.39, the first-quarter peak, or even higher levels.
Analysts like Captain Redbeard share buoyant forecasts. Captain Redbeard predicts that, barring a strong rebound from the current demand area, XRP’s price could climb to $10.
