XRP News Today: XRP Surges 2.02% as Ripple Drops Cross-Appeal in SEC Battle

XRP, the cryptocurrency associated with Ripple, experienced a notable surge on Saturday, June 28, with a 2.02% increase, following a 1.8% gain on Friday. This upward trend brought the price of XRP to $2.1865, outperforming the broader market which saw a 0.59% gain, lifting the total crypto market cap to $3.26 trillion. The market's reaction was largely driven by Ripple's decision to withdraw its cross-appeal in the ongoing legal battle with the Securities and Exchange Commission (SEC).

Ripple's move to drop its cross-appeal has significant implications for the legal dispute that began in December 2020. If the SEC also withdraws its appeal, it would effectively end the legal battle, leaving the Programmatic Sales of XRP ruling intact. This ruling is crucial as it paves the way for the potential approval of an XRP-spot ETF market, a development that could further boost investor confidence and market activity.

The withdrawal of the cross-appeal by Ripple has sparked optimism among investors, who are hopeful that the SEC will follow suit and drop its own appeal. This would not only resolve the long-standing legal dispute but also provide clarity on the regulatory status of XRP, potentially leading to increased adoption and integration of the cryptocurrency in various financial applications. The resolution of this legal battle could also set a precedent for other cryptocurrencies facing similar regulatory challenges, fostering a more stable and predictable environment for the crypto market as a whole.