Key Highlights:

• XRP experienced a 10% surge as Ripple’s CEO declared the SEC plans to drop its appeal against the company.
• CEO Brad Garlinghouse hailed this development as a ‘resounding victory’ for both Ripple and the broader cryptocurrency sector.
• The ongoing legal dispute, which has lasted since 2020, appears to be approaching its finale.

XRP climbed 10% on Wednesday morning in the U.S. after CEO Brad Garlinghouse announced that the SEC is likely to withdraw its appeal against Ripple. Garlinghouse stated, “This is it – the moment we’ve been waiting for. The SEC will drop its appeal. A resounding victory for Ripple, for crypto, every way you look at it.” Garlinghouse posted on X to share this news.

Last week, reports indicated that the lengthy legal battle between Ripple and the ______ agency was nearing resolution. The SEC initially sued Ripple in 2020, claiming the company raised $1.3 billion through unregistered sales of XRP tokens.

In 2023, U.S. Judge Analisa Torres ruled that although Ripple breached federal securities laws regarding institutional sales, the sales to retail exchanges didn’t violate the law—a decision viewed as a partial win for Ripple. In August, the judge imposed a $125 million fine on Ripple, which prompted the SEC to file a “notice of appeal” following the ruling.

Garlinghouse characterized the SEC’s lawsuit as a ‘first major shot fired in the war on crypto’, resulting in significant financial losses for XRP holders. Following changes in SEC leadership, many ongoing investigations have been dropped, including those involving Coinbase.

Additionally, the conclusion of this lawsuit raises the likelihood of an XRP ETF being approved by the SEC, with several potential issuers having already applied for such a fund. Experts previously estimated a 65-75% chance of approval by the end of this year.