XRP Price Skyrockets as SEC Drops Appeal in Ripple Lawsuit

A Major Triumph for Ripple and the Crypto Sector

The price of XRP, the native token of the XRP Ledger, soared after Ripple CEO Brad Garlinghouse revealed that the US Securities and Exchange Commission (SEC) has dropped its appeal in the long-running legal dispute with the payment firm. This news caused XRP’s price to rise nearly 11%, hitting $2.52.

Garlinghouse’s Remarks at the Digital Assets Summit

• Mused on the nearly four-year legal struggle
• Voiced confidence in being on the right side of the law and history
• Denounced the SEC for targeting the industry and acting unfairly

SEC’s Lawsuit Against Ripple and Partial Win in 2023

• The SEC filed a lawsuit in 2020, alleging Ripple violated US securities laws
• Ripple scored a partial victory in 2023 when US District Judge Analisa Torres ruled for the company
• XRP was not deemed a security when sold to retail investors on exchanges, but considered an unregistered security offering when sold to institutional investors

SEC’s Recent Moves and Influence on the Crypto Sector

• The SEC is addressing past actions that greatly affected the crypto sector
• Halted an enforcement case against Coinbase, closed investigations into Robinhood’s crypto unit, Uniswap, Gemini, and ConsenSys without enforcement measures
• Reduced its crypto enforcement unit and clarified that meme coins are not securities
• A newly created crypto task force is starting a roundtable series to discuss and define the security status of digital assets

XRP’s Remarkable Ascent and Ripple’s Operations

• XRP, created by Ripple’s founders in 2012, is utilized for cross-border payments
• About 95% of Ripple’s business occurs outside the US
• Ripple holds the largest amount of XRP
• The token has seen a remarkable increase, rising over 390% since the postelection Trump trade, and has gained 20% in value this year