tl;dr
The US Securities and Exchange Commission (SEC) is reportedly preparing to drop its lawsuit against Ripple, causing the price of XRP to increase by 5%. The case is in the final stages of resolution, with negotiations ongoing for a settlement. Ripple's legal team is arguing for more favorable terms d...
SEC reportedly preparing to drop Ripple lawsuit, XRP jumps 5%: The US Securities and Exchange Commission (SEC) is reportedly preparing to drop its lawsuit against Ripple, causing the price of XRP to increase by 5%. Negotiations for a settlement are ongoing, with Ripple's legal team arguing for more favorable terms due to the SEC's evolving stance on crypto regulation. The SEC has also halted lawsuits and investigations against other crypto firms, aligning with the legal clarity sought by the new SEC administration. At the time of the report, XRP is ranked #4 by market cap and the price is up 3.12% over the past 24 hours. The total crypto market is valued at $2.68 trillion with a 24-hour volume of $108.32 billion, and Bitcoin dominance is at 61.16%.
The rumors of the SEC preparing to drop the lawsuit against Ripple caused the XRP price to climb roughly 5% within an hour. The case is reportedly in the final stages of resolution, with negotiations over the terms of a settlement still ongoing. Ripple's legal team argues that the penalties imposed should be reconsidered due to the SEC's new leadership's reset of enforcement actions against crypto firms for regulatory clarity. The SEC's evolving stance on crypto regulation complicates this position as Ripple contends it should not be held to terms that may no longer align with the agency's shifting priorities.
As of March 4, the SEC has halted 11 lawsuits and investigations against crypto firms, including high-profile cases such as Binance, Coinbase, Kraken, and Consensys. This aligns with the legal clarity sought by the new SEC administration. XRP is currently ranked #4 by market cap, with a market capitalization of $129.33 billion and a 24-hour trading volume of $6.71 billion. The total crypto market is valued at $2.68 trillion with a 24-hour volume of $108.32 billion, and Bitcoin dominance is at 61.16%.