The settlement between Ripple and the SEC (pending judicial approval) marks an important advancement in the regulatory game of the crypto industry, but it cannot yet be concluded that the SEC's overall attitude has shifted. Although the $50 million penalty is far lower than initially requested and does not explicitly classify XRP as a security, the SEC may still continue to take a hardline stance against other projects. The short-term rise of XRP reflects the market's optimistic sentiment towards the reduction of risk, but the subsequent trend needs to observe three points: 1) whether the final ruling by the judge includes restrictive clauses; 2) Ripple's progress in commercial deployment in the cross-border payment sector; 3) the overall liquidity of the crypto market in the second half of the year. From a technical perspective, if it can stabilize, the regulatory uncertainty has not been completely eliminated, and the fluctuation risk remains significant.