XRP News Today: Ripple Drops Cross-Appeal in SEC Case XRP Surges 4.49%

Ripple, the blockchain-based payment and remittance network, has made a significant move in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The company has decided to drop its cross-appeal in the nearly five-year legal fight, signaling its readiness to move forward after a protracted dispute over the status of its cryptocurrency, XRP. This decision comes as a pivotal moment in the case, which has been closely watched by the cryptocurrency community and financial markets alike.

The announcement was made by Ripple's CEO, Brad Garlinghouse, who stated that the company is dropping its cross-appeal to "close the chapter" on the SEC lawsuit. This move is seen as a strategic decision to end the legal battle and focus on the future of the company and its cryptocurrency. The SEC is expected to follow suit and end its own appeal, although this has not yet been confirmed.

The news of Ripple dropping its cross-appeal has had an immediate impact on the price of XRP. The cryptocurrency experienced a surge in value, rising by 4.49% over the past 24 hours. This price increase reflects the market's positive reaction to the news, as investors and traders see the end of the legal battle as a potential catalyst for XRP's growth.

The court's decision that XRP is not a security has been a significant factor in the market's reaction. This ruling has provided clarity on the regulatory status of XRP, which has been a source of uncertainty for investors. With the legal battle coming to an end, XRP is poised to gain further traction in the cryptocurrency market.

Prominent crypto lawyer John E. Deaton tweeted succinctly: “And then it ended,” reflecting market sentiment that the lawsuit had been a cloud over XRP’s momentum for far too long. The token had dropped to $2.07 in the 24 hours leading up to the announcement but rallied over 6% to $2.20 shortly after the news.

Influencer CrediBULL Crypto was optimistic in reacting to the news, calling the post-lawsuit environment “a fun ride.” He also denied accusations of shilling XRP for payment, pointing to its history as one of crypto’s longest-standing coins. “A coin that has been in the Top 3 for years doesn’t need to pay influencers,” he continued, comparing the legitimacy of XRP to meme tokens.

The expiration of appeals eliminates the final barrier to XRP’s full return to institutional markets. During the litigation, a number of major exchanges had delisted or restricted XRP trading. Ripple has already begun to capitalize on its legal win. In April, the company settled with the SEC for $50 million and regained the majority of the $125 million that was reserved for penalties.

The company is also making bold expansionary pushes, acquiring prime brokerage Hidden Road for $1.25 billion and announcing it will launch a NYDFS-approved stablecoin. Garlinghouse indirectly credited a shift in regulatory tone under the new U.S. administration, citing the SEC’s recent backtracking on other crypto cases involving Coinbase, Uniswap, and Gemini.

Supporters view these developments as regulatory clarity finally here. Critics dub it crypto cronyism fueled by campaign donations— including millions from Ripple. With the lawsuit in the rearview mirror, Ripple is positioning itself as a crypto finance top dog. For XRP, the rally isn’t just price action—it’s a signal that a new era of growth may be beginning.