Ripple and the SEC filed to dismiss their appeals in the XRP lawsuit, with each party covering its own legal costs.
Ripple’s XRP (XRP) jumped early Friday, outpacing Ethereum (ETH), Solana (SOL), Cardano (ADA), and other altcoins, after the crypto firm and the Securities and Exchange Commission (SEC) agreed to drop their years-long legal fight.
The third-largest cryptocurrency by market capitalization rose by 8% over the past day, hitting a 24-hour high of $3.37, according to CoinGecko data. At the time of writing, the token had pared some of those gains, trading at around $3.32.
XRP’s price currently stands 9.1% below its record high of $3.65, seen last month. On Stocktwits, retail sentiment around the token improved to ‘neutral’ from ‘bearish’ territory a day ago.
The uptick in price and retail sentiment comes after Ripple and the SEC filed to dismiss their appeals in the XRP lawsuit, with each party covering its own legal costs. “Following the Commission’s vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals,” Ripple’s chief legal officer, Stuart Alderoty, wrote in a post on X. “The end…and now back to business,” he added.
The SEC sued Ripple in 2020, claiming XRP was sold as an unregistered security. A 2023 ruling split the difference, prompting appeals from both sides, now withdrawn.
Meanwhile, Bitcoin’s (BTC) price action remained subdued. The apex cryptocurrency only gained 0.1% in the last 24 hours, trading at around $116,450 at the time of writing. This puts BTC’s price 5.1% below its record high of over $122,000, seen last month. On Stocktwits, retail sentiment around Bitcoin remained in the ‘bearish’ zone.
Among major altcoins, Dogecoin (DOGE), Solana, Ethereum, and Cardano were also in the green as the overall cryptocurrency market climbed 1.2% over the past day, reaching a market capitalization just shy of $4 trillion.
Cardano’s price gained around 4.8% in pre-market U.S. hours to touch $0.8. Meme token Dogecoin’s (DOGE) price climbed 4.5% to hit $0.222. Meanwhile, Solana’s price rose 1.9% to $176, and Ethereum’s price also rose 1.9% trading just under $3,900.
The altcoin recovery led to $299 million in liquidations over the past 24 hours. Most of the liquidations came from short bets-traders who bet that the price of cryptocurrencies would fall, amounting to around $206 million. Long liquidations were around $92 million. Ethereum experienced the largest liquidations of $109 million, followed by Bitcoin at $35 million, and XRP at $27 million.
With Bitcoin trading sideways, crypto-linked stocks were mixed during pre-market trade. Shares of Strategy (MSTR), the largest corporate holder of Bitcoin, edged 0.4% lower. Bitcoin miner Riot Platforms (RIOT) stock gained 0.43%, while shares of its peer, Mara Holdings (MARA), dipped 0.25%. Crypto exchange Coinbase Global’s (COIN) had the biggest pop, with shares up 0.97%.
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