Victory for Ripple as SEC Drops Charges Against Executives
In a major win for Ripple, the Securities and Exchange Commission (SEC) has dismissed its lawsuit against Ripple executives Brad Garlinghouse and Chris Larsen. The lawsuit, which was filed in 2020, alleged that Garlinghouse and Larsen had illegally sold unregistered securities in the form of XRP tokens.
The SEC’s decision to dismiss the lawsuit is a significant setback for the agency, which has been pursuing a number of high-profile cases against cryptocurrency companies in recent years. The decision is also a major victory for Ripple, which has maintained that XRP is not a security.
Technical Analysis Suggests One Last Push Up for XRP
Despite the SEC’s lawsuit, XRP has continued to perform well in the cryptocurrency market. The price of XRP is up over 200% in the past year, and technical analysis suggests that the token could see one last push up before a correction.
According to the Elliot wave theory, XRP is currently in the fifth wave of an upward trend. This wave is typically the strongest and longest wave in an Elliott wave cycle, and it could push XRP to new all-time highs.
However, the Elliot wave theory also suggests that a correction is likely to follow the fifth wave. This correction could be significant, and traders should be prepared for it.
Conclusion
The dismissal of the SEC’s lawsuit against Ripple executives is a major victory for the company and could lead to a surge in the price of XRP. However, traders should be aware that a correction is likely to follow this surge, and they should use tight stop losses to protect their profits.
