Ripple CEO Brad Garlinghouse has announced a major legal victory for the cryptocurrency industry. The U.S. Securities and Exchange Commission (SEC) has agreed to drop its lawsuit against Ripple, ending a four-year legal battle. The news has sent XRP soaring, with prices climbing over 10% in the last 24 hours.
XRP Performance in the last 24 hours [CoinGecko]
XRP Sees Strong Rally
XRP is trading at A$3.93 today, reflecting a 9.2% increase since yesterday. Over the past week, the price has surged by 11.1%, demonstrating renewed investor confidence. Trading volumes have also spiked, with A$16 billion worth of XRP exchanged in the last 24 hours.
XRP’s Daily Performance Over the Week
| Date | Price (AUD) | 24hr Change | % Change |
| March 20 | A$3.93 | +A$0.33 | +9.2% |
| March 19 | A$3.60 | -A$0.07 | -1.9% |
| March 18 | A$3.67 | +A$0.03 | +0.8% |
| March 17 | A$3.64 | -A$0.14 | -3.8% |
| March 16 | A$3.78 | +A$0.06 | +1.5% |
| March 15 | A$3.73 | +A$0.15 | +4.1% |
| March 14 | A$3.58 | +A$0.04 | +1.0% |
The SEC’s Case and Ripple’s Response
The SEC sued Ripple in December 2020, alleging that the company sold XRP as an unregistered security. Judge Analisa Torres ruled in July 2023 that XRP is not inherently a security. The SEC had initially appealed the decision but has now backed down, allowing Ripple to move forward without legal uncertainty.
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Garlinghouse called the lawsuit a failed attempt at “regulation by enforcement” and expressed optimism about the future of crypto regulations. He believes the ruling will encourage lawmakers to create clearer frameworks for the industry.
Market Impact of the SEC’s Decision
XRP jumped to US$2.52 after the announcement and briefly touched US$2.56. Investors reacted positively, seeing the ruling as a turning point for Ripple and the broader crypto market. Some analysts predict XRP could climb to $5 this year if regulatory clarity attracts more institutional investment.
Crypto analyst Tony advises caution, warning that XRP might see a pullback before resuming its bullish trend. He suggests waiting for a retest of $2.20 or a breakout past $2.80 before making new investments.
Bitcoin Holds Above $85,000
Bitcoin (BTC) has maintained its position above US$85,000 after the Federal Reserve left interest rates unchanged. The central bank signaled two rate cuts for 2025, boosting investor sentiment. BTC reached an intraday high of US$85,950, but analysts expect some volatility in the coming weeks.
Bitcoin’s Market Trends
On-chain data shows that long-term Bitcoin holders are not selling despite recent corrections. Addresses holding at least 1,000 BTC have accumulated over 1 million BTC since November 2024. This suggests confidence in Bitcoin’s long-term value, despite short-term market fluctuations.
Ethereum Surges Past $2,000
Ethereum (ETH) has broken the US$2,000 barrier, rising 8% in the past 24 hours. The cryptocurrency peaked at $2,064 after successfully breaking out of an ascending triangle pattern.
Investors continue to accumulate ETH, with 345,210 ETH moving into long-term holding addresses on March 12. Major holders have bought 5.8 million ETH over the past year, with 4.73 million ETH purchased in just three months.
Solana Gains 7% as TVL Increases
Solana’s native token (SOL) has surged 8% to $133.44, driven by rising investor interest. The total value locked (TVL) on Solana reached its highest level since July 2022, climbing 10% over the past month.
Despite a recent drop in on-chain activity, Solana’s decentralised applications (DApps) continue to outperform competitors. Key platforms such as Jupiter, Jito, and Pump.fun generate higher fees than Ethereum’s leading DApps. Analysts expect SOL to retest the $170 level if market conditions remain favourable.
Institutional Interest in Crypto Grows
Institutional investment in crypto is rising, with the Minnesota Bitcoin Act proposing state-level Bitcoin investments. The bill aligns with similar proposals in 22 U.S. states, further legitimising crypto as a mainstream asset class.
Meanwhile, XRP’s legal clarity has sparked discussions about potential spot ETFs. Analysts believe the SEC’s retreat could accelerate approvals, attracting significant institutional capital.
Outlook for XRP and the Crypto Market
The SEC’s decision to drop its lawsuit against Ripple represents a defining moment for cryptocurrency regulation. XRP investors have regained confidence, and analysts see strong upside potential if regulatory clarity continues to improve.
With Bitcoin holding above $85,000, Ethereum surpassing $2,000, and Solana showing strength, the broader crypto market remains bullish. However, traders should watch for short-term volatility as the market reacts to evolving macroeconomic trends.
