Ripple, a blockchain technology company, announced that it will cease its appeals against the SEC, which could lead to a price surge for XRP and restore its market standing.
Conclusion of Legal Battles
CEO of Ripple, Brad Garlinghouse, announced the company's decision to end its cross-appeal against the SEC, marking the anticipated conclusion of a significant legal dispute in the crypto industry. The SEC is also expected to withdraw its appeal, which signals the conclusion of this chapter.
"Ripple is dropping our cross appeal, and the SEC is expected to drop their appeal, as they’ve previously said," Garlinghouse stated on social media platform X. "We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value."
Market Reaction to XRP News
Following the announcement, XRP's price surged to $2.20. Crypto attorney John E. Deaton remarked on the immediate market impact, stating the end of the legal proceedings had caused a notable shift in trading conditions. Investors waiting for legal clarity were able to benefit from this rally.
Several XRP supporters, including notable analyst CrediBULL Crypto, expressed optimism about the future, emphasizing the positive developments following the legal conclusion.
Future of Ripple and XRP
With the end of legal disputes, Ripple plans to expand its business, including acquiring Hidden Road for $1.25 billion and launching a NYDFS-approved stablecoin. Garlinghouse also credited the new political leadership in the U.S. for the cessation of several crypto-related lawsuits. Critics label it crypto cronyism, while supporters view it as a move towards clearer regulation.
The end of legal disputes between Ripple and the SEC paves the way for XRP’s market recovery and increases its chances of being integrated into institutional investments.
