The U.S. Securities and Exchange Commission (SEC) has decided to withdraw its claims against Ripple’s CEO and Executive Chairman, Brad Garlinghouse and Chris Larsen, in their ongoing legal battle with Ripple. This unexpected development has had a significant impact on the cryptocurrency market, particularly on Bitcoin and XRP. Bitcoin crossed the $30,000 mark and experienced an 11% weekly gain, fueled by optimism surrounding the potential approval of a Bitcoin exchange-traded fund (ETF) in the United States. Tokens derived from Bitcoin, such as Bitcoin Cash and Bitcoin SV, also saw significant gains. XRP, the fifth-largest digital asset, rose by 6.5% following the SEC’s decision. This news has sparked discussions about the implications of dropping the charges against Ripple’s leaders, the potential Bitcoin ETF approval, and the broader cryptocurrency market.

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