XRP price rebounded over 8 percent amid rising transaction volume and a utility spike.
The United States Securities and Exchange Commission (SEC) has filed a joint dismissal of the appeals in the Court of Appeals for the Second Circuit. The joint dismissal dated August 7 marked the end of the Ripple vs SEC case, with no more escalation from both sides.
According to the court filing, both parties are expected to bear their costs and legal fees. Ripple’s Chief Legal Officer Stuart Alderoty noted that the company can now focus on its core business model, which includes enabling seamless cross-border payments through blockchain technology.
The closure of the Ripple vs SEC case marks a major milestone for the mainstream adoption of XRP and the XRPL products. Following the announcement, XRP price surged over 8 percent to trade above $3.27 on Thursday, August 7 during the late North American session.
The large-cap altcoin, with a fully diluted valuation of about $327 billion, rebounded from the 50-day Moving Average Simple. With the renewed demand for XRP, as shown by the sharp uptick in its transaction volume, an upsurge towards a new all-time high is imminent in the near future.
According to crypto analyst Ali Martinez, the XRP price has just broken out of a recent consolidation, with a midterm target of $3.34.
Ripple has been anticipating an imminent closure to the long-standing lawsuit under the Donald Trump administration. As a result, the blockchain payment company has focused on building the XRPL network to compete with other layer one chains led by Ethereum (ETH), and Solana (SOL).
For instance, Ripple announced on Thursday a strategic acquisition of Rail, a stablecoin-powered platform for global payments, for $200 million. The acquisition of Rail will play a crucial role in the mainstream adoption of Ripple USD (RLUSD), which helps in the on-chain burns of XRP.
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