Ripple (XRP) price stalled below the $2.40 mark on Wednesday, May 21, despite Bitcoin surging to new all-time highs above $109,500. Derivatives market data shows $145 million in bearish leverage overhead, as XRP lagged behind the broader crypto rally. Regulatory uncertainty continues to weigh heavily after a U.S. District Judge upheld the $125 million penalty against Ripple, deterring bullish momentum. XRP Faces $320M Derivatives Wall as Bears Eye $2.50 Rejection Ripple (XRP) emerged as one of the weakest performers on Wednesday, even as Bitcoin’s record-breaking rally lifted top altcoins. Cardano (ADA), Solana (SOL), and Binance Coin (BNB) each posted over 3% gains, breaking past resistance at $0.73, $165, and $645, respectively. In contrast, XRP managed only a 1.5% uptick, failing to pierce the $2.40 resistance. XRP Price Action | Coingecko Daily trading volume for XRP stood at $2.7 billion—down nearly 80% from its May 13 peak of $11 billion. This… Read More at Coingape.com
After nearly four years of intense legal battles, the long-standing case between the U.S. Securities and Exchange Commission (SEC) and Ripple has finally come to an end. The SEC, which initially filed the lawsuit in December 2020, claiming Ripple’s cryptocurrency XRP was an unregistered security, has now dropped the appeal.
Garlinghouse Reflects on the Long Fight
In an interview with Bloomberg, CEO Brad Garlinghouse said “This has been a long battle. “But now, there is a lot more certainty for Ripple, and frankly, for me personally, because the SEC had sued me.”
He revealed that the SEC has officially abandoned its appeal in the case, which had been ongoing since the lawsuit was filed in December 2020. Ripple scored a key victory in the summer of 2023 when Judge Torres ruled that XRP, the cryptocurrency at the center of the case, is not a security. This ruling marked a pivotal moment in the case.
The SEC’s Appeal is Dropped
Despite the SEC’s withdrawal from its appeal, Garlinghouse clarified that the case is not entirely over. A cross-appeal is still pending, but the dynamics have shifted. “We go from being the defendant to the plaintiff,” he explained. “Now, we’re in the driver’s seat, deciding how we want to proceed.”
Ripple’s Legal Victory and the Industry’s Future
For Ripple, the outcome of this case is crucial not just for the company itself but for the broader crypto industry. Garlinghouse noted that Ripple had spent over $150 million defending the case, a legal expense not only aimed at protecting the company but also supporting the entire cryptocurrency sector. “It was important for the whole industry,” he said.
Judge’s Ruling and Ripple’s Strategy
Garlinghouse also commented on the broader implications of the case’s resolution, especially in terms of the legal status of XRP. “The SEC’s decision to drop its appeal is a significant moment,” he stated. “It’s clear now that the SEC likely regrets bringing the case in the first place, especially given the judge’s ruling.” However, some elements of the case are still unresolved, such as the $125 million civil penalty Ripple was ordered to pay. This fine is currently held in escrow, pending the final resolution of the case.
The $125 Million Fine and What’s Next
Ripple has expressed interest in potentially reclaiming the $125 million fine, given that no investors were harmed in the process. “There was no investor harm, no investors lost money,” Garlinghouse remarked, suggesting that the penalty may be reconsidered as the case nears its conclusion.
The post Is the Ripple Lawsuit Entirely Over? CEO Discusses Pending Cross Appeal appeared first on Coinpedia Fintech News
After nearly four years of intense legal battles, the long-standing case between the U.S. Securities and Exchange Commission (SEC) and Ripple has finally come to an end. The SEC, which initially filed the lawsuit in December 2020, claiming Ripple’s cryptocurrency XRP was an unregistered security, has now dropped the appeal. Garlinghouse Reflects on the Long …
VivoPower International PLC (NASDAQ: VVPR) announced that it raised $121 million by selling 20 million ordinary shares. According to the announcement, the funds raised largely came from His Royal Highness, Prince Abdulaziz bin Turki Abdulaziz Al Saud, with other investors including Adam Traidman, former Ripple board member and CEO of SBI Ripple Asia.
The company intends to use the funds to purchase XRP, thus achieving the status of the first publicly traded company to adopt the cryptocurrency as its treasury management asset. The company’s decision was heavily influenced by the recent announcement by the U.S. SEC that XRP is a strategic asset that will help the United States implement its strategic Bitcoin reserve plan in the near future.
Furthermore, XRP is well-positioned to grow exponentially in the coming months, especially with the imminent closure of the Ripple vs SEC case. In addition to investing directly in XRP, the newly created fund will also support DeFi projects on the XRPL chain.
“We have been investors in the digital asset sector for a decade and have been long-term holders of XRP. After reviewing a number of listed vehicles seeking to embrace a digital asset treasury model, we selected VivoPower given its strategic focus on XRP and its objective to contribute to building out of the XRPL ecosystem,” Prince Abdulaziz noted.
Expected Impact on the XRP Market
The imminent implementation of the XRP treasury fund by VivoPower will play a crucial role in the altcoins market structure ahead. Furthermore, the overall demand for XRP by institutional investors has significantly increased in the recent past following the crypto regulatory clarity in the United States.
As Coinpedia reported, several fund managers are seeking to offer spot XRP ETFs in the United States, which is highly anticipated to be approved by the end of this year.From a technical analysis standpoint, XRP price did not react immediately to the announcement, as the impact is ultimately long-term. The large-cap altcoin, with a fully diluted valuation of about $225 billion and a 24-hour average trading volume of around $2 billion, dropped around 3 percent today to trade about $2.26 on Wednesday, during the late North American session.
The post XRP News Today: VivoPower Announces a $121M Private Funding to Become First XRP Treasury-focused Publicly Traded Company appeared first on Coinpedia Fintech News
VivoPower International PLC (NASDAQ: VVPR) announced that it raised $121 million by selling 20 million ordinary shares. According to the announcement, the funds raised largely came from His Royal Highness, Prince Abdulaziz bin Turki Abdulaziz Al Saud, with other investors including Adam Traidman, former Ripple board member and CEO of SBI Ripple Asia. The company …
Pi Network (PI) has been consolidating after hitting new highs in late February, with technical indicators showing mixed signals. The DMI chart suggests that sellers are attempting to maintain control, as the +DI has dropped while the -DI is rising, signaling increasing bearish momentum.
Meanwhile, the RSI remains neutral, fluctuating between 45 and 55, indicating a lack of strong directional movement. If a strong uptrend emerges, PI could break above $2 and potentially test $3, but downside risks remain, especially with the upcoming unlock of 188 million tokens this month.
Pi Network DMI Shows Sellers Are Trying To Keep Control
Pi Network’s DMI chart shows that its ADX has dropped to 11.5, down from 17.7 the previous day.
The Average Directional Index (ADX) measures trend strength on a scale from 0 to 100, with values below 20 indicating a weak trend and readings above 25 suggesting a strong trend.
A declining ADX suggests that the current trend, whether bullish or bearish, is losing momentum and is less likely to continue in the short term.
At the same time, PI +DI has fallen to 19.3 from 24.5, while -DI has risen to 20.1 from 16.1. This shift indicates that bearish momentum is increasing as selling pressure overtakes buying pressure.
For a bullish reversal, +DI would need to reclaim dominance over -DI alongside an ADX increase, confirming a stronger trend direction.
PI RSI Has Been Neutral For 8 Days
Pi Network’s RSI is currently at 46.9, maintaining a neutral stance since February 27 and fluctuating between 45 and 55 for the past three days.
The Relative Strength Index (RSI) is a momentum indicator that measures the speed and magnitude of price movements on a scale from 0 to 100.
Readings above 70 indicate overbought conditions, suggesting a potential pullback, while readings below 30 signal oversold conditions, hinting at a possible rebound. A neutral RSI between 45 and 55 typically reflects a lack of strong momentum in either direction.
With PI RSI sitting at 46.9, the market appears indecisive, lacking clear bullish or bearish momentum. This suggests that Pi Network’s price may remain range-bound unless a significant shift in buying or selling pressure occurs.
For a stronger bullish outlook, the RSI would need to break above 55, signaling increasing buying interest, while a drop below 45 could indicate growing bearish momentum, potentially leading to further price declines.
Consolidation periods often indicate a temporary pause in price movement as traders assess the next direction, with the potential for either a continuation of the previous trend or a reversal.
If buying pressure returns and Pi Network resumes its uptrend, it could first test resistance around $2. A breakout above this level, combined with strong momentum, could push Pi toward $3 and even higher, marking new all-time highs.
However, if the uptrend fails to materialize and selling pressure increases, PI price could enter a corrective phase. In this scenario, the price could decline toward $1.51. Its next price movements could be driven by its 188 million token unlock, which will take place this month.
