Ripple and the U.S. Securities and Exchange Commission (SEC) reached an agreement to dismiss all appeals in their long-running legal dispute.
Conclusion of Legal Proceedings
According to court documents submitted to the U.S. Court of Appeals, the parties reached an agreement-in-principle, subject to Commission approval. The legal battle had been ongoing following a ruling from the U.S. District Court for the Southern District of New York, which granted Ripple a partial victory by stating that XRP was not a security in secondary market sales.
What It Means for XRP
The resolution of the case with the SEC is bullish news for XRP. Following the announcement, the token surged in value, crossing the $3 mark. Data indicates that over 80% of XRP's supply is held in wallets untouched for over a year, showing strong conviction among long-term holders. Short-term holders are also cautiously increasing their positions in anticipation of a potential price surge.
Future of Ripple After Resolution
With the dismissal of the appeals, Ripple is cleared from any further federal litigation concerning XRP’s regulatory status. This decision may influence how other tokens are treated under U.S. securities law, as discussions about crypto regulations continue. Furthermore, a Japanese credit card company, Aplus, has partnered with SBI VC Trade to allow customers to convert reward points into XRP, Bitcoin, and Ethereum.
The dismissal of the case with the SEC marks a significant development for Ripple, with potential implications for the entire crypto industry.
