XRP Price Soars Past $2.50 Resistance Following Ripple Labs' Victory over the SEC

XRP has surged in value following Ripple Labs' victory in its long-standing battle with the SEC, triggering a powerful rally that has broken through key resistance levels.

In an unexpected turn of events, the U.S. Securities and Exchange Commission (SEC) has decided to drop its appeal and close the case after four years of legal battle with Ripple. This follows a ruling by a federal judge in December that the SEC had no authority to sell cryptocurrency exchange tokens.

Despite scoring a decisive victory in court, Ripple CEO Brad Garlinghouse says he’s still disappointed by the agency’s actions.

“We’re used to dealing with foreign governments, and they’re able to quickly come to a resolution when they see the facts,” Garlinghouse said in a video posted to X, formerly known as Twitter.

“But the SEC, even after losing in court, decided to appeal, which to me speaks to their desire to delay any finality in this case.”

The SEC sued Ripple in 2020, claiming the company had sold $1.3 billion of XRP tokens in an unregistered securities offering. The agency also asserted that former SEC Chair William姆斯 Haeli had warned in 2012 that a cryptocurrency, used like Bitcoin, would be deemed a security.

However, Judge Analisa Torres ruled in December that the SEC had failed to provide sufficient evidence to support its claims.

In her ruling, Judge Torres stated that the SEC’s interpretation of federal securities law was “not a reasonable reading” and that the agency had not demonstrated how XRP, in the manner sold, would be considered a security.

“Had the SEC focused on the economic realities of the cryptocurrency ecosystem, instead of attempting to shoehorn an 80-year-old securities law into a new technological sphere, it would have reached a different conclusion,” the judge said.

After losing the case in April and deciding against appealing Judge Torres’ ruling, the SEC moved to close the case on Wednesday.

“We are pleased to announce that the SEC has closed the case against Ripple,” a spokesperson for the agency said in a statement.

“The agency has decided not to appeal the ruling by Judge Analisa Torres, who ruled in December that the SEC had no authority to sell cryptocurrency exchange tokens.”

This case has been closely watched by the cryptocurrency industry, as it could have implications for the regulation of other cryptocurrencies in the U.S.

With this legal obstacle now removed, Ripple can concentrate on further expanding the utility and adoption of XRP.