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📈 XRP rallied on Friday after Ripple Labs CEO Brad Garlinghouse announced the company is dropping its cross-appeal against the SEC. #XRP #SEC

Ripple drops appeal to ‘close the chapter’ on SEC suit, XRP price ticks higher

Layer 1 blockchain Sei’s native token, on a roll in the past few days, has extended its upside momentum with a double-digit surge in the past 24 hours. The Sei ( SEI ) price was up 12% at the time of writing on June 27, 2025, hovering above $0.28 after bouncing off support at $0.25. The cryptocurrency’s value touched highs of $0.30, and while profit-taking has slightly pulled buyers back, momentum suggests they are poised to eclipse this mark. Sei reached highs of $0.33 on June 25, 2025, its highest level in a month. As top altcoins shed gains or struggle, SEI is currently trading more than 42% higher over the last 30 days. Sei is trending as one of the top two best-performing altcoins in the past 24 hours among the world’s largest cryptocurrencies by market cap. Pudgy Penguin ( PENGU ), which has gained by more than 14% in the same period as of writing, tops then Sei. The price of PENGU is riding spot exchange-traded funds euphoria after Canary Capital filed its Form S-1 registration for the Canary PENGU ETF. The filing proposes an exchange-traded product that would invest in a portfolio comprising the PENGU token and Pudgy Penguins non-fungible tokens (NFTs). However, PENGU is only up 15% in the past week and remains down 14% over the past 30 days. Like Pudgy Penguins, Sei is also riding optimism around spot crypto ETFs. Analysts recently said the odds of the U.S. Securities and Exchange Commission approving most of the crypto ETF filings in 2025 are high. Solana, Litecoin, XRP, and Cardano are each said to have a 95% chance. The SEI community is similarly upbeat that the SEC will greenlight the Canary SEI ETF, which the asset manager recently filed. Additional bullish sentiment comes from stablecoin traction, with Wyoming selecting Sei for the issuance of its WYST stablecoin. SEI hit its all-time high of $1.14 in March 2024.

A legal battle hanging in limbo and a mysterious $439 million XRP transfer by Ripple coincided with a brutal wave of long liquidations that saw traders caught in the crossfire. The turbulence began shortly after U.S. District Judge Analisa Torres rejected a proposed settlement between Ripple Labs ( XRP ) and the SEC, dashing hopes of a swift resolution to the years-long securities lawsuit. Almost simultaneously, blockchain trackers spotted Ripple moving half a billion dollars’ worth of XRP to an undisclosed wallet, just as leveraged traders were piling into bullish bets. These events spooked the market, triggering a cascade of liquidations totaling $7.18 million, with longs outnumbering shorts by nearly 10-to-1, according to CoinGlass data. While the broader crypto sector showed signs of stabilization, XRP’s lopsided positioning turned a 5.3% drop into a bloodbath for overexposed traders, revealing the token’s overreliance on speculative optimism, with little defense against Ripple’s own corporate moves or legal headwinds. The $7.18 million long liquidation event was the culmination of mounting pressure from Ripple’s opaque treasury management and unresolved legal battles. While Bitcoin ( BTC ) and Ethereum ( ETH ) weathered broader market turbulence with relative stability, XRP’s 45.62% drop from its all-time high of $3.84 underscores a deeper issue: the token’s price action remains disproportionately tied to Ripple’s corporate decisions rather than organic demand. This week’s 5.3% slide, while not extreme in isolation, struck hard because of its timing. It came just as traders were positioning for a potential breakout above the $2.17 resistance. Judge Analisa Torres’ rejection of Ripple’s proposed SEC settlement reinforced the market’s worst fears. Without clarity on whether XRP will face stricter securities enforcement, institutional players remain hesitant to commit. This regulatory limbo has kept XRP range-bound between $2.00 and $2.60 since March, despite the token’s CME futures listing and whispers of a potential ETF. For traders, the message is clear: until the SEC case concludes, XRP’s upside will be capped by skepticism. Add in Ripple’s $439 million transfer to a shadow wallet, and the market had the perfect recipe for forced deleveraging. Amid the chaos, Ripple has quietly accelerated its stablecoin ambitions, minting 50 million RLUSD this month alone. The move aligns with the booming $252 billion stablecoin market, where giants like Tether and Circle generate massive revenue from Treasury-backed reserves. If RLUSD gains traction, it could provide Ripple with a lucrative revenue stream independent of XRP’s volatility. But for XRP holders, the bigger question is whether RLUSD adoption will translate into ecosystem stability. In theory, deeper liquidity and institutional use cases for Ripple’s stablecoin could bolster demand for XRP as a bridge asset. However, if RLUSD overshadows XRP in Ripple’s own financial strategy, the token risks becoming an afterthought in the company’s long-term vision.

24-hour crypto perpetual futures liquidation breakdown Here is the breakdown of crypto perpetual futures liquidation over the last 24 hours. - $BTC: $113.37 million, Short 90.00% - $ETH: $29.69 million, Long 67.63% - $XRP: $5.41 million, Short 62.41%