Ripple Drops Appeal, XRP Price Rises 1.017%

XRP's latest price was $2.13, up 1.017% in the last 24 hours. Ripple has officially dropped its cross-appeal against the SEC, signaling a pivotal conclusion to the long-standing XRP lawsuit. This move follows a June 26 ruling by Judge Torres, which denied attempts to modify the injunction or reduce penalties against Ripple. By accepting the court’s judgment, Ripple acknowledges the restrictions on institutional XRP sales and the imposition of a $102.6 million penalty. This development reduces legal uncertainty for XRP holders and market participants, reaffirming that XRP sales on exchanges are not classified as securities.

The court’s 2023 ruling distinguished between retail and institutional XRP sales, a nuance that has major implications for the crypto market. While retail XRP trading on exchanges remains legal and unaffected, institutional sales are still subject to securities regulations. This bifurcation provides clarity for retail investors but maintains regulatory oversight over larger, institutional transactions. Ripple’s CEO Brad Garlinghouse emphasized the company’s focus on innovation and building the “Internet of Value” following the legal resolution. The anticipated withdrawal of the SEC’s appeal will officially close this chapter, allowing Ripple and the broader crypto industry to move forward with greater regulatory certainty.

Since its inception in December 2020, the Ripple lawsuit has been closely watched as a bellwether for digital asset regulation in the United States. The case has tested the boundaries of the Howey Test and challenged the SEC’s approach to classifying cryptocurrencies as securities. The final resolution of this case will likely influence future enforcement actions and regulatory frameworks. Industry experts note that the outcome sets a precedent for how digital assets are treated under U.S. securities laws, potentially shaping policy decisions and compliance strategies for other crypto projects.

Ripple CEO Brad Garlinghouse confirmed that the company has dropped its cross-appeal in the XRP lawsuit, and expects the US Securities and Exchange Commission to do the same. Garlinghouse posted on X, stating: “Ripple is dropping our cross appeal, and the SEC is expected to drop their appeal, as they’ve previously said. We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value. Lock in.” The announcement follows a federal judge’s decision to reject a joint motion by Ripple and the SEC to reduce Ripple’s penalty to $50 million. Judge Analisa Torres ruled that the parties had no authority to vacate a permanent injunction or alter the fine without meeting exceptional legal standards, which she said they had not done.

Despite that setback, both sides now appear ready to move on. The original ruling, issued in July 2023, held that XRP sales on public exchanges did not violate securities laws, but institutional sales totaling $728 million did. Ripple was fined $125 million and barred from similar sales. The ongoing litigation, initiated by the SEC in December 2020, has centered on Ripple’s sale of XRP. Regulators accused the blockchain company of offering XRP as an unregistered security, thereby violating U.S. securities law. At the time, the SEC claimed that the absence of registration deprived potential investors of critical disclosures related to XRP and Ripple’s operations. According to court filings, the commission maintained that investors “were deprived of information about XRP and Ripple’s business that would allow them to make informed investment decisions.”

After nearly three years of legal wrangling, Judge Torres issued a partial summary judgment in July 2023. That ruling determined Ripple’s sales of XRP to institutional clients qualified as unregistered securities transactions. However, sales made to the general public through exchanges were not treated as such, creating a nuanced legal outcome. In March 2024, the SEC pushed for a final judgment, urging the court to permanently block Ripple from any future securities law violations and to impose a substantial monetary penalty. With Ripple now confirming it will withdraw its cross appeal and the SEC anticipated to do the same, the legal dispute appears to be nearing its end.

New data from blockchain analytics firm Santiment shows that while optimism around Bitcoin (BTC) and Ethereum (ETH) has recently cooled, retail sentiment for XRP is overwhelmingly positive. Santiment noted that their sentiment ratios, which measure positive against negative commentary, have trended downward. This cooling in social buzz comes amid wild price volatility and downward pressure on both crypto’s prices, suggesting a more cautious stance among investors. In sharp contrast, XRP’s bullish-to-bearish comment ratio has climbed 2.1:1 — the highest in roughly 17 days. Santiment analysts pointed out that this spike comes after New York judge Analisa Torres denied a joint request from the U.S. Securities and Exchange Commission (SEC) and Ripple for her to grant a proposed settlement agreement that would reduce Ripple’s civil penalty to $50 million and lift the permanent injunction against the blockchain payments firm. Despite the SEC adopting a more crypto-friendly regulatory posture in recent months under its new leadership, Torres found that the law hasn’t changed. Although Torres’s ruling was a massive legal blow that could prolong the nearly five-year-long case, it seems to have unexpectedly sparked positive discussion and belief among XRP holders.

Coinme has rolled out XRP support at more than 28,000 retail locations across the United States, giving customers the option to buy or sell the token with cash at Coinme-powered kiosks and, alternatively, through the Coinme mobile app with a debit card. The firm announced the expansion on X, noting that the move aligns with XRP Ledger’s growing role in banking and cross-border remittances. By adding the asset to its nationwide network, Coinme brings direct, cash-based access to a token already prized for fast, low-cost settlement. Coinme, founded in Seattle in 2014, was the first company in the U.S. to get a state license for running Bitcoin ATMs. Today, it powers crypto services through Coinstar machines, MoneyGram locations, and other retail kiosks, making it easy for people to buy and sell digital currencies using cash. Users don’t need to sign up for a full crypto exchange. Coinme’s goal is simple: to make the move from cash to crypto quick and hassle-free for everyday users. Even as retail access grows, supporters, often referred to as the XRP Army, view broader distribution as a critical indicator of long-term traction. Coinme says the XRP upgrade is live nationwide, placing the cryptocurrency within reach of most American households. With the service now embedded in familiar retail settings, the gap between cash and blockchain continues to narrow, reinforcing XRP’s position in the evolving digital-asset landscape.