Chart of the week: XRP price dips day after Ripple CEO announces SEC to drop lawsuit appeal, time to buy?

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

XRP price rallied on Wednesday after Ripple CEO Brad Garlinghouse announced that the U.S. Securities and Exchange Commission will drop its appeal in the lawsuit against the firm.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The legal battle between the U.S. financial regulator and Ripple dragged on for several years before drawing to an end. The outcome was anticipated by crypto traders as the SEC has dropped its legal actions against crypto exchanges and firms rapidly since U.S. President Donald Trump’s return to the Oval Office in January 2025.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

XRP rallied as traders reacted to the groundbreaking news of the SEC dropping its lawsuit appeal against Ripple. The legal battle between the two entities made headlines for several years, negatively impacting XRP price and the token’s adoption. When the SEC filed its lawsuit against Ripple in 2020, top crypto exchanges delisted the token, causing XRP’s price to crumble. The rally in XRP on Wednesday was traders’ response to the end of a multi-year battle.