XRP surged following an announcement from Ripple CEO Brad Garlinghouse regarding the conclusion of the company's legal battle with the US Securities and Exchange Commission (SEC).

Garlinghouse shared the news on X on March 19, stating that the SEC would drop its appeal. Following the development, XRP reached $2.59 before facing resistance. The price has since entered a correction, currently trading around $2.39.

Ripple Wins as SEC Drops Appeal

Ripple’s legal dispute with the SEC has concluded, bringing an end to a case that began in December 2020 when the regulator alleged a $1.3 billion unregistered securities offering.

Garlinghouse announced the development, stating: "The case has ended; it’s over." Garlinghouse described the outcome as significant for the crypto industry and emphasized the need for the US to take a leading role in the sector.

Meanwhile, Garlinghouse expressed his optimism about Bitcoin during the Blockworks Digital Asset Summit in New York. He shared that he bought Bitcoin in 2012 and continues to hold it, having used it for transactions but not selling it. Garlinghouse reiterated his positive outlook on Bitcoin, stating: “I am bullish on Bitcoin, period.”

XRP Struggles After Rejection at $2.59

The XRPUSD H1 chart shows that after facing rejection at 2.59000, the price has been moving downward, breaking through key support levels. As of now, the cryptocurrency is nearing a potential breakout at 2.39000.

If confirmed, sellers could continue pushing the price lower, with the 2.32000 level potentially coming into focus, where XRP previously saw strong upward movement.