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⚈ XRP is trading at $2.09, down 2.54% daily but up 0.65% YTD.
⚈ Despite resistance at $2.20, long bets rise, and whales continue accumulating XRP.
The latest news regarding the Ripple v. SEC case has come from Ripple Labs, and it has caused a bit of a stir in the cryptocurrency market.
On May 5, Ripple Labs published its Q1 2025 XRP markets report. Under “Key Highlights”, the report states the following:
“The SEC officially withdrew its appeal, closing the chapter on a multi-year legal saga that tested the limits of regulatory overreach and the war on crypto.”
As noted by cryptocurrency lawyer Bill Morgan in a May 6 X post, this is the first statement made by Ripple — not Chief Executive Officer (CEO) Brad Garlinghouse, which details the lawsuit as withdrawn.
“Odd though that the report states the SEC has officially withdrawn its appeal when the SEC commissioners, as far as we know have not voted yet on the matters.”
In spite of a failure to breach resistance at $2.20, XRP long bets have soared to a monthly high, whales have quietly been accumulating the token, and Ripple’s co-founder recently had a meeting with SEC chair Paul Atkins, indicating a significant degree of buying interest and that a dialogue between the regulatory body and the blockchain company is ongoing.
Featured image from Shutterstock
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