Ripple has taken a significant step back in its lawsuit with the SEC by withdrawing its appeal. This development may have a notable impact on the XRP market.
Ripple's Decision and SEC Appeal
Ripple announced its decision to withdraw its appeal, potentially allowing the SEC to make a similar move. Ripple CEO Brad Garlinghouse highlighted the closing of this chapter in his post on social media platform X, emphasizing a renewed focus on 'building the Internet of Value.'
Financial Implications for Ripple and XRP
Following Judge Analisa Torres's rejection of a conditional settlement offer, Ripple will face a total fine of $125 million to conclude the case. Despite this, a limited increase in XRP prices was observed.
Prospects for XRP ETFs
Market observers believe this move may open doors for new investment products, such as XRP-based ETFs. ETFStore President Nate Geraci indicated that the closure of this case paves the way for major investment firms like BlackRock to enter the XRP market. Additionally, several XRP ETF applications are currently pending with the SEC, and analysts estimate a high chance of their approval by the October deadline.
Ripple's withdrawal of its appeal in the SEC lawsuit could significantly affect the cryptocurrency market, creating opportunities for new investment products and larger firms to engage with XRP trading.
