XRP Price Skyrockets 6% as New Era Arrives

XRP, the fourth-largest cryptocurrency by market capitalization, jumped nearly 6% in the last 24 hours as Ripple signaled it would be closing the SEC lawsuit chapter once and for all. The company is dropping its cross-appeal against the U.S. Securities and Exchange Commission (SEC) and expects the agency to do the same.

On Friday, Ripple CEO Brad Garlinghouse hailed a new era with the SEC lawsuit end: "We’re closing this chapter once and for all and focusing on what’s most important—building the internet of value. Lock in."

The announcement comes a day after the U.S. district court denied a joint motion from the SEC and Ripple requesting an indicative ruling. The crypto community had reacted to this news, however, with optimism.

According to on-chain analytics platform Santiment, while retail optimism toward Bitcoin and Ethereum cooled down, XRP sentiment reached a 17-day high, notwithstanding the rejected motion.

XRP enters new era

According to Nate Geraci, the president of ETF Store, the closed chapter of the Ripple SEC lawsuit opens the door for spot XRP ETFs as well as BlackRock to enter the market.

Currently trading around $2.12, XRP has recovered from a low of $2.06 on Friday. The rebound was sustained in the early Saturday session. At the time of writing, XRP was up 5% in the last 24 hours at $2.19, having earlier reached an intraday high of $2.20. A convincing move above the daily moving averages of 50 and 200, which are at $2.26 and $2.36, could herald a new move toward $2.65. If bearish pressure returns, $1.90 is expected to serve as support.

In other positive news, digital brokerage Robinhood has launched micro futures contracts for XRP. The new offering was officially unveiled in the United States on Friday, adding to Robinhood's existing crypto futures offerings for Bitcoin and Ethereum.