The week has started on a bullish step for one of the top cryptocurrencies in the market. Today, Ripple’s CEO – Brad Garlinghouse took to X to announce that the US Securities and Exchanges Commission will drop its XRP ruling appeal against the firm.
It only took the firm over 4 years of legal battle and nearly $200 million in costs to reach this point. Notably, the firm had also made a $5 million donation to pro-crypto President, Donald Trump.
In a post on X, the Chief Legal Officer of the firm – Stuart Alderoty – proclaimed,“Today, Ripple moves forward—stronger than ever. This landmark case set a precedent for the domestic crypto industry. With the SEC dropping its appeal, Ripple is now in the driver’s seat and we’ll evaluate how best to pursue our cross appeal. Regardless, today is a day to celebrate this victory.“
Ripple and XRP take the win in battle against SEC
In its case against Ripple, the SEC received a partial win, with the court stating that the institutional sale of XRP was a securities law breach. Nevertheless, Ripple took the bigger win as the court declared that XRP was not a security and its retail sale was not a securities law breach.
This ruling, however, was appealed by the commission in the fourth quarter of 2024. But, the commission will no longer be pursuing the same route as per the latest announcement. And with this, the battle between Ripple and SEC finally comes to an end and with it any doubts of XRP being a security.
While the SEC is yet to make a dismissal announcement, in a video announcement on X, Garlinghouse said,
“I am finally able to announce that this case has ended. It’s over. Sitting here today, and reflecting on four years ago, it seems very clear to me that this case was doomed from the start (…) I truly felt like I knew then that Ripple was not only on the right side of the law but I felt that we were also going to be proven to be on the right side of history.”
XRP shines green over SEC update
The news seems to have brought a bullish sign to XRP. According to CoinMarketCap, at press time, XRP was trading at $2.50 and has seen its value surge by over 8 percent since Garlinghouse’s announcement.
The coin has registered an uptrend of over 13 percent in the 24 hour and 7-day chart. The market cap was around $146.92 billion, while the trade volume for the last 24 hours stood at 5.56 billion.
