Cryptocurrency XRP experienced a 6.62% rally on Thursday, closing at $0.5204 following the Securities and Exchange Commission's (SEC) decision to drop charges against Ripple executives. The charges, which were related to alleged Section 5 violations in Programmatic Sales, were dismissed by Judge Analisa Torres who denied an interlocutory appeal.
The dismissal came after defense attorney James Filan revealed a court filing suggesting potential settlement discussions between the SEC and Ripple. The ripple effect of these developments led to a bullish trend for XRP, which ended up hovering above its 50-day and 200-day Exponential Moving Averages (EMAs). This could potentially signal an extended rally for XRP and a reversal of its previous bearish trend.
Ripple's CEO Brad Garlinghouse and co-founder Chris Larson were the executives targeted by the SEC's charges from 2020. Both leaders criticized the SEC for their attempt to tarnish their reputations. Garlinghouse accused the regulatory body of failing to protect US consumers and businesses.
Stuart Alderoty, Ripple's Chief Legal Officer, described the SEC's decision to drop the charges as a surrender, emphasizing their error in personally targeting Larson and Garlinghouse. He argued that the recent turn of events highlighted the regulator's missteps in its approach towards the case.
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