XRP News Today: Ripple Drops Cross-Appeal in SEC Lawsuit, XRP Sees Renewed Interest

Ripple Labs has made a significant move in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) by filing to stop its cross-appeal. This decision comes as a pivotal moment in the four-year lawsuit, which has been closely watched by the cryptocurrency community. The SEC is expected to follow suit and drop its own appeal, potentially bringing an end to the protracted legal dispute.

The legal saga between Ripple and the SEC has been marked by several key developments. In March, the SEC officially withdrew its lawsuit following a crucial 2023 ruling that determined XRP's retail sales did not constitute unregistered securities offerings. This ruling was a significant victory for Ripple, as it provided legal clarity regarding the status of XRP. However, the court has repeatedly dismissed settlement proposals submitted by both parties, indicating a continued judicial risk.

Ripple CEO Brad Garlinghouse announced that Ripple is officially dropping its cross-appeal in the long-running case with the SEC. He also said that the SEC is expected to drop its appeal too, as previously indicated. However, according to legal experts, neither July 3 nor August 15 hold any official importance in the lawsuit. Former SEC lawyer Marc Fagel explained that the SEC still needs to hold a vote to officially dismiss its appeal. After that, both Ripple and the SEC will need to submit legal papers confirming the dismissal. Only then will the court’s earlier ruling take full effect.

There’s no confirmed timeline for these events. Fagel made it clear that no one knows the exact dates. Some people had said July 3 or August 15 as possible milestones, but Fagel stated those dates have no official connection to the case’s current process. For now, it’s a waiting game. The dismissals are expected in the coming weeks, and while it could be done quickly, it might also take a little longer.

The impact of Ripple's decision to drop its cross-appeal has been felt across the cryptocurrency market. XRP, the native token of the Ripple network, has seen renewed interest and activity. Notably, a significant transfer of over 25 million XRP to Coinbase was observed, highlighting the token's continued relevance despite the legal uncertainties.

The legal battle has also had implications for major cryptocurrency exchanges. Binance, one of the world's largest cryptocurrency exchanges, maintained XRP trading on its global platform throughout the legal drama. This decision provided crucial liquidity for XRP during a period of regulatory uncertainty. In contrast, many U.S. exchanges, including Coinbase and Crypto.com, delisted XRP following the SEC's lawsuit. However, with the legal resolution nearing, Binance.US has since relisted XRP, removing a significant barrier to its trading on major U.S. platforms.

The outcome of the Ripple-SEC lawsuit has broader implications for the cryptocurrency industry. The legal clarity provided by the court's rulings could pave the way for the approval of an XRP exchange-traded fund (ETF) in the United States. This would be a significant development for the cryptocurrency market, as it would provide investors with a regulated and accessible way to gain exposure to XRP. Additionally, the resolution of the lawsuit could impact the regulatory landscape for other cryptocurrencies, as it sets a precedent for how securities laws apply to digital assets.

The legal battle between Ripple and the SEC has been a complex and multifaceted issue, with implications for the cryptocurrency industry as a whole. The recent developments, including Ripple's decision to drop its cross-appeal and the SEC's expected response, mark a significant turning point in the lawsuit. As the legal saga nears its conclusion, the cryptocurrency community will be closely watching for further developments and their potential impact on the market.