XRP Price Surges as Legal Expert Bill Morgan Highlights the Coin's Rally Amidst the Ripple vs SEC Lawsuit Update

In the latest XRP news update, legal expert Bill Morgan highlighted the Ripple coin's rally amid CEO Brad Garlinghouse's crucial statement.

The latest news in the Ripple (XRP) sphere has seen legal expert Bill Morgan highlight the surprising bullish trend of the asset. Notably, Morgan contrasts the 11% rally of XRP, following a crucial statement by CEO Brad Garlinghouse, with Bitcoin's surprising lack of movement despite major developments.

Recently, President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve, an announcement that experts and analysts anticipated would propel Bitcoin to new highs. However, the flagship cryptocurrency has remained largely indifferent to this development, to the surprise of many.

Despite this, and despite the SEC case, good news is coming for crypto. It seems like the apex court will be refusing the SEC's application for certiorari in the case. This means the lower court ruling stands, which is a huge win for crypto.

Garlinghouse Announces SEC Decision to Drop Appeal

In a recent X post, which has now garnered over 8.6 million views, Garlinghouse revealed the US SEC’s decision to drop its appeal in the case. Announcing the future of the case, Garlinghouse stated:

“This is it - the moment we've all been waiting for. The SEC will drop its appeal - a resounding victory for Ripple, for crypto, every way you look at it. The future is bright. Let's build.”

This comes after the lower court ruled in favor of Ripple in December 2023, striking down the SEC’s claims that XRP is a security.

The agency had sued Ripple in 2020, alleging that the firm sold XRP to raise capital without proper registration. However, Judge Charles Goodenough ruled that the SEC failed to adequately notify the public about its intent to pursue an action against Ripple.

The development comes at a time when the SEC is facing increasing scrutiny for its stance on crypto. Recently, Republican lawmakers grilled SEC Chair Gary Gensler over the agency’s handling of the crypto market.

As such, the agency may be seeking to avoid further attention by dropping its appeal in the Ripple case.

XRP Price Today

Following Garlinghouse’s announcement, XRP price surged by more than 11%, hitting a high of $2.5655. At press time, Ripple’s native asset was up 6.74% in the 24-hour trade, changing hands at $2.44. The token saw a 9.33% increase over the past week despite a 4% monthly decline.

The crypto behemoth also faced a 36.4% price decrease over the past three months. However, despite the crypto winter and market crash in 2022, which saw a 64.2% decline in a year, XRP displayed remarkable resilience with a staggering 246.5% price surge.