XRP Rallies After SEC Drops Charges Against Ripple Executives

Cryptocurrency XRP saw a significant increase of 6.62% on Thursday, closing at $0.5204 after the Securities and Exchange Commission (SEC) decided to dismiss charges against its executives. The charges, related to alleged violations of Section 5 during Programmatic Sales, were dismissed by Judge Analisa Torres, who rejected an interlocutory appeal.

The dismissal followed a court filing by defense attorney James Filan, which hinted at potential settlement discussions between the SEC and Ripple. These developments contributed to a bullish trend for XRP, pushing it above both its 50-day and 200-day Exponential Moving Averages (EMAs), potentially indicating an ongoing rally and a reversal of its previous downtrend.

Ripple’s CEO Brad Garlinghouse and co-founder Chris Larson were the subjects of the SEC’s charges from 2020. Both executives condemned the SEC for attempting to damage their reputations, with Garlinghouse accusing the agency of neglecting its duty to safeguard consumers and businesses in the U.S.

Stuart Alderoty, Ripple’s Chief Legal Officer, characterized the SEC’s move to drop the charges as a form of surrender, underscoring the agency’s mistake in personally targeting Larson and Garlinghouse. He noted that recent developments underscored the regulator’s failings in handling the case.

This article was generated with the support of AI and reviewed by an editor.