XRP News Today: Ripple Labs Withdraws Cross Appeal Against SEC Ending Legal Battle

Ripple Labs has formally announced the withdrawal of their cross appeal against the Securities and Exchange Commission (SEC), effectively closing a significant chapter in the ongoing legal battle between the two entities. This decision comes after a series of legal developments that have kept the cryptocurrency community on edge. On the 26th of June, U.S. District Judge Analisa Torres rejected a joint motion by the SEC and Ripple to endorse the firm’s reduced $50 million fine for the institutional sale of XRP. This rejection was a pivotal moment, as it forced both parties to reconsider their legal strategies.

Ripple Labs was initially fined $125 million by Judge Torres in 2023 for violating securities law by selling XRP to institutional investors. The judge's ruling left Ripple with two options: withdraw their appeals or appeal her injunction. In response, Ripple's legal chief, Stuart Alderoty, acknowledged the two options but maintained that XRP’s legal status as a ‘non-security’ remained unchanged. This stance underscores Ripple's commitment to defending the classification of XRP, which has been a contentious issue throughout the legal proceedings.

On the 28th of June, Ripple Labs decided to withdraw its cross appeal against the SEC, citing that the latter was expected to do the same. In an X (formerly Twitter) post, Ripple’s CEO Brad Garlinghouse celebrated the decision, stating, “Ripple is dropping our cross appeal, and the SEC is expected to drop their appeal, as they’ve previously said.” Garlinghouse also mapped out the firm’s road ahead, hinting toward their long-term outlook: “We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value.” This statement reflects Ripple's strategic shift towards innovation and growth, rather than being bogged down by legal disputes.

The withdrawal of the cross appeal by Ripple Labs marks a significant turning point in the legal battle with the SEC. It indicates a mutual agreement to end the litigation, allowing both parties to move forward without the burden of prolonged legal proceedings. This decision is likely to have a stabilizing effect on the XRP market, as it removes a major source of uncertainty for investors.

The legal developments surrounding Ripple Labs and the SEC have had a notable impact on the XRP market. On the 26th of June, when news of the case broke, XRP quickly spiked as traders reacted to the developments. Some opted to sell, while others saw the dip as an opportunity to buy at discounted prices. This volatility reflects the market's sensitivity to legal outcomes and the potential implications for XRP's future.

Despite the initial spike, XRP’s price began to drop afterward, extending the decline to over 6%. However, as of the latest updates, it had risen 3%, settling in to trade at $2.18 and raising hopes of a bullish run to $3. This price movement highlights the market's dynamic nature and the influence of legal developments on investor sentiment.

In conclusion, the withdrawal of Ripple Labs' cross appeal against the SEC signifies a resolution to a protracted legal battle. This decision allows Ripple to focus on its core mission of building the Internet of Value, while also providing a measure of stability to the XRP market. The legal developments and market reactions underscore the interconnected nature of regulatory actions and market dynamics in the cryptocurrency space.