 
 
The price of Ripple-affiliated XRP surged as much as 16% within less than 24 hours after news emerged that the blockchain company’s legal brawl with the U.S. Securities and Exchange Commission (SEC) had finally concluded after four long years. The announcement signaled a favorable turn in the regulatory scenario for XRP and the broader crypto market.
However, XRP has lost at least half of its gains in recent days, falling below the key $2.50 zone. Now, investors are wondering why the crypto asset is not skyrocketing despite Ripple emerging victorious in the longstanding SEC enforcement case.
XRP Fails To Moon Despite Ripple’s Latest SEC Win
In a recent post on X, early crypto investor Armando Pantoja took to X to share his thoughts on XRP’s dull price action. “Why hasn’t XRP skyrocketed to $10 since the news? Pantoja asked.
According to him, the lackluster price action was because the Securities and Exchange Commission had not yet officially confirmed its dismissal of the Ripple appeal.
On March 19, Ripple boss Bradley Garlinghouse announced that the SEC agreed to drop its appeal of a July 2023 ruling that said the firm did not break federal securities laws in selling XRP to retail investors by making it available through exchanges, and that the case itself is close to a conclusion.
 
However, the agency has not yet issued any statement regarding the matter. Pantoja thinks the lack of the SEC’s formal announcement leaves cautious investors on the sidelines.
It’s worth noting that Ripple still faces a legal barrier in the form of an injunction issued by District Judge Analisa Torres, which bars the firm from selling XRP to institutional investors, namely banks and financial institutions.
XRP’s 10X Rally In Play
Armando Pantoja also discussed XRP’s price action, noting that the token’s movement cannot be as erratic as meme coins. In his belief, derivatives affect XRP’s price stability more than smaller coins. Therefore, explosive 10X XRP rallies overnight are not likely.
“10X will come soon, but not in 24 hours,” Pantoja summarized.
Now that regulatory headwinds seem to have subsided, the future certainly looks bright for XRP.
