Bitcoin trades around $89k again just as SEC cancels OpenSea court case, can we expect XRP court case cancellation now?

Bitcoin tested the lower range of its trading band and touched the $89k price point at the time of writing. Analysts wonder whether a drop towards $80k would be possible.

WE’RE AT EXTREME FEAR AND #BITCOIN IS STILL TRADING ABOVE $90,000.

THIS IS BULLISH 🚀 pic.twitter.com/gtkEqEu7n9

— Crypto Rover (@rovercrc) February 25, 2025

The American stock market watchdog SEC decided to cancel its ongoing lawsuit against OpenSea, the largest NFT trading platform in the world. That seems like a minor message, but knowing that XRP is counting on hearing the exact same news it is a good start to 2025.

NFT

The NFT market pretty much peaked in 2021, when the price of Bitcoin reached $60,000 for the first time and terms like “yield farming” and “Beeple” were everywhere. The market had grown from $82 million in 2020 to $17 billion in 2021. OpenSea, a marketplace for NFTs based on the same principle as eBay, experienced a golden era in 2021.

Things have slowed down since then and last year OpenSea laid off half their staff. In August 2024, the Securities and Exchange Commission (SEC) started a lawsuit against OpenSea, alleging that the platform was trading illegally by selling unregistered securities, or pretty much the same complaint it launched in 2020 against Ripple Labs, the company behind the popular cryptocurrency XRP.

Gensler

Yesterday, the SEC decided to close its investigation against OpenSea, a decision that was especially welcomed by the XRP army.

$XRP is the agenda. The SEC’s Sunshine Act meeting on February 27 will focus on XRP-related matters.

The biggest financial shift is happening behind closed doors. Institutions see it.

Regulators know it.#XRP’s moment is coming. Are you locked in? pic.twitter.com/H2M4kq8m0A

— X Finance Bull (@Xfinancebull) February 24, 2025

After all, they’re hoping to receive the same message from the SEC (which scheduled a meeting for February 27), especially now that former chairman Gary Gensler resigned at the start of Trump’s second term.

According to analysts, that SEC lawsuit is the only thing keeping XRP from trading at a higher price again.