The US Securities and Exchange Commission (SEC) has officially dropped its appeal against cryptocurrency company Ripple, marking a significant victory for the industry. The decision comes after a major court ruling last year that found XRP, Ripple’s native cryptocurrency, is not a security in secondary markets.
Ripple CEO Brad Garlinghouse confirmed the news on social media platform X, stating that the SEC will drop its appeal and the case has ended. As a result, XRP surged 12% to trade at around $2.50.
However, Ripple’s Chief Legal Officer Stuart Alderoty cautioned that this is not the end of the matter, suggesting that the company may pursue additional legal moves. “With the SEC dropping its appeal, Ripple is now in the driver’s seat and will evaluate how best to pursue our cross-appeal,” he said.
The long-term impact of Judge Analisa Torres’ ruling remains significant, with WendyO noting that it provides a win for retail investors. The judge ruled that XRP is not a security on the secondary market, which still stands today.
Meanwhile, institutional investors are flocking to Bitcoin, with US spot Bitcoin ETFs seeing $209 million in net daily inflows over the past three days. This marks the third consecutive day of positive flows into the market.
In contrast, Ethereum’s institutional interest is waning, with Ethereum ETFs experiencing their 10th straight day of outflows. The price forecast for Ethereum has also been slashed, with Charter Bank reducing its target from $10,000 to $4,000.
Stablecoin dominance remains a key trend, with established coins like USDC and USDT driving $850 billion in transaction volume in February. However, institutional investors remain concerned about volatility, with 52% citing it as a major concern.
Finally, DeFi is seeing renewed interest from institutions, but with a regulatory twist. According to Coinbase data, 83% of institutional investors plan to increase their exposure in crypto this year. However, 52% still see volatility as a significant risk.
Source: https://finance.yahoo.com/news/popular-crypto-influencer-says-sec-220000856.html