After almost three years under intense regulatory scrutiny, Ripple has secured a huge win.
At the time of writing, the ETH price has breached $1615 resistance level.
Ripple’s CEO Brad Garlinghouse and Executive Chairman Chris Larsen were acquitted of all allegations in a historic move by the U.S. SEC. After almost three years under intense regulatory scrutiny, this is a huge win for Ripple.
The crypto market is experiencing a surge post the announcement of this update as investors were keenly watching the ongoing lawsuit.
A turning point in the continuing disagreement between the crypto sector and the regulatory authorities has been reached with the SEC’s decision to drop charges. Allegations against the duo claimed that the XRP distributions should have been registered as a security and initially filed in December 2020.
Bulls in Control
The crypto market has responded strongly with most cryptocurrencies witnessing a spike. Bitcoin is up 5.01% in the last 24 hours and is trading at $29,806 at the time of writing.
Similarly, Ethereum price surged by 4.87% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 35.62%. The bulls finally managed to break the bearish shackles that had been dominating for weeks. The above mentioned update likely acted as a strong catalyst that helped propel the prices of most cryptocurrencies including ETH.
Source: CoinMarketCap
At the time of writing, the price has breached $1615 resistance level and now will likely head towards $1655 level. Surpassing this level will likely push the price to test the $1735 mark. On the other hand, if bears intervene and drive the prices below the $1571 support level, then it will likely decline to test the $1529 support level.