Bitcoin Price Today 26/03: Chops Higher, XRP Spike (Chart)

(MENAFN- Daily Forex) The 2-day FOMC event last week saw King Crypto rally from $82,530 to $87,450, only to dump back to $83,700 over the weekend. Sunday saw fortunes change as BTC/USD climbed to $86,115 and then extended higher to $88,787 on Monday before entering into consolidation near $87,490, where it trades at the time of writing.

BTC/USD 1-day chart. Source: TradingView

Market watchers now await Friday's release of the US Personal Consumption Expenditures (PCE) report, hoping the latest numbers help reduce inflation-related concerns and allow the Fed to put interest rate cuts back on the table – a development that could boost risk assets Battle is Finally Over

One of the biggest developments in the crypto ecosystem over the past week was the announcement that the Securities and Exchange Commission (SEC) was ending its multi-year-long legal battle against Ripple.

The enforcement action in question began in December 2020 when the regulator sued the company over an alleged $1.3-billion unregistered securities offering.

“I'm finally able to announce that the case has ended; it's over,” Ripple CEO Brad Garlinghouse said in a video posted on X .“We're now closing a chapter in crypto history. It's time to make the United States the crypto capital of the world.”

As noted in the message from Garlinghouse, the SEC has elected to end its appeal of the previous rulings in the case, which granted each side a partial victory. While the judge ruled that XRP sold on exchanges were not considered securities, it was determined that institutional sales conducted by Ripple did indeed violate securities laws.

Ripple was ultimately ordered to pay a $125 million penalty for the institutional sales and was restricted from fundraising for five years.

As part of the legal feud and in response to the SEC's appeal, Ripple filed a cross-appeal seeking to overturn the penalty. On March 25, Ripple Chief Legal Officer Stuart Alderoty announced on X that the firm would drop its cross-appeal against the SEC.

“Last week, the SEC agreed to drop its appeal without conditions. @Ripple has now agreed to drop its cross-appeal,” Alderoty wrote.“The SEC will keep $50M of the $125M fine (already in an interest-bearing escrow in cash), with the balance returned to Ripple. The agency will also ask the Court to lift the standard injunction that was imposed earlier at the SEC's request. All subject to Commission vote, drafting of final documents, and usual court processes.”

If it all plays out as Alderoty said, the ordeal cost Ripple $50 million in penalties plus legal fees, while the public perception will be that the SEC ultimately lost the case.

In response to the SEC dropping its appeal, XRP price spiked 14%, rallying from $2.26 to $2.59 before entering consolidation near $2.44.

XRP/USD 1-day chart. Source: TradingView

As for why its price is trending sideways despite the positive developments, X user Rowen Exchange suggested it's because whales are accumulating via“OTC and in small spread-out amounts,” so they can absorb supply without triggering a breakout.

“They combine this with short sell suppression to keep retail from pushing the price up. They want to discourage FOMO while they keep loading up,” he added.“The real move is utility, when institutions publicly integrate XRP for payments and settlement. That's what the market expects and that's what they're quietly pricing in right NOW.”

Regarding the price levels to watch moving forward, X user gemxbt highlighted“support around $2.35 and resistance at $2.50” and said to keep an eye out for a break of these levels for a clearer direction.”

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