Ripple (XRP) Price Surges as SEC Drops Its Appeal

Brad Garlinghouse, CEO of Ripple, recently announced that the SEC has finally dropped its appeal against Ripple, marking the end of a lengthy legal battle

The U.S. Securities and Exchange Commission (SEC) has dropped its appeal against Ripple, bringing to a close a legal saga that began in 2020. The news was shared by Brad Garlinghouse, CEO of Ripple, on X (formerly Twitter).

The SEC’s decision not to pursue further legal action confirms that Ripple is now out of the woods with the regulatory body.

This development has had an immediate impact on XRP’s price, which surged following the announcement.

What Happened: Earlier this year, the SEC lost its case against Ripple in December 2023, with the court ruling that XRP is not a security.

However, the SEC decided to appeal this ruling in January 2024, despite the resignation of SEC Chair Gary Gensler.

The ongoing legal challenges frustrated Ripple and its supporters, especially since the court had already ruled in Ripple’s favor and declared that XRP is not a security.

Where Is The Official SEC Statement?One user pointed out that while we've seen reports of the SEC dropping its appeal against Ripple, surely there must be an official statement from the SEC itself.

To this, Fox Business journalist Eleanor Terrett responded that the SEC still needs to formally approve the withdrawal of its appeal. Once the Commission gives the green light, they can expect a press release similar to the one issued earlier this year when the SEC dismissed its lawsuit against Coinbase.

Terrett added that the SEC typically addresses matters of litigation and enforcement during their closed meetings. The dismissal of the Ripple case will likely be discussed at one of these meetings, which is scheduled for next Thursday.