The legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs has come to an end as both parties have officially withdrawn their appeals.
Closing of the XRP Case
On Thursday, the Second Circuit Court of Appeals confirmed that both the SEC and Ripple agreed to withdraw their appeals. Each party will cover its own legal fees under the agreement.
Court Decision and Its Consequences
Earlier in July 2023, U.S. District Judge Analisa Torres issued a mixed ruling, stating that sales of XRP on public exchanges did not constitute securities sales, but sales to institutional investors violated securities laws. The court ordered Ripple to pay a $125 million penalty, a fraction of the initially sought $2 billion.
Ripple's Future Post-Dispute
With the legal battle concluded, XRP has seen a resurgence in demand, rallying nearly 99% from a low of $1.79 in April to a peak of $3.56 in July. Ripple is now expected to refocus on its public offering plans and expand its payment and stablecoin services.
The conclusion of the legal dispute between the SEC and Ripple has opened new opportunities for the company and its XRP token, which is already showing positive trends in the market.
