XRP News Today: XRP Surges 6% as Ripple Drops SEC Appeal

XRP, the cryptocurrency associated with Ripple, experienced a significant rally following an announcement by Ripple CEO Brad Garlinghouse. Garlinghouse revealed that the company is dropping its cross-appeal against the U.S. Securities and Exchange Commission (SEC), effectively concluding one of the most prominent legal battles in the crypto industry. This move is expected to pave the way for XRP's full return to institutional adoption and major exchange listings, as the SEC is also anticipated to withdraw its own appeal.

Garlinghouse's announcement on X highlighted the end of the legal proceedings that have cast a shadow over XRP trading since 2020. He emphasized that Ripple is now focused on building the "Internet of Value," a vision for a more interconnected financial system. The immediate market impact was noted by crypto lawyer John E Deaton, who observed that the legal uncertainty surrounding XRP had finally come to an end.

Prior to the announcement, XRP had traded as low as $2.07 in the 24-hour period, making the subsequent rally to $2.20 particularly noteworthy for traders who had been awaiting legal clarity. The development was met with optimism by popular XRP advocate CrediBULL Crypto, who expressed excitement about the future prospects of the cryptocurrency. However, his enthusiasm was met with skepticism from some users who accused him of paid promotion. CrediBULL Crypto defended his position by highlighting XRP's established market position and its status as one of the first cryptocurrencies ever created.

The end of the appeals removes the final source of regulatory uncertainty that has affected XRP's institutional adoption and exchange listings. Several major exchanges had delisted or restricted XRP trading during the period of litigation. With the legal uncertainty behind it, Ripple is now poised to ramp up its growth initiatives, including the acquisition of Hidden Road for $1.25 billion and the launch of a NYDFS-approved stablecoin.

Ripple's legal battle with the SEC, which began in 2020, saw a partial court win for the company in 2023. The settlement, which included a $50 million payment to the SEC, concluded a years-long lawsuit over unregistered securities sales. Garlinghouse attributed the shift in U.S. political leadership to the resolution of the case, noting that the Trump administration's SEC had dropped several crypto-related lawsuits following industry donations, including millions from Ripple. Critics have labeled this as crypto cronyism, while supporters view it as a move toward clearer regulation.

With the legal uncertainty now resolved, Ripple is focusing on its growth strategy, which includes expanding its partnerships and launching new products. The company's acquisition of Hidden Road and the launch of a NYDFS-approved stablecoin are part of its broader vision for the "Internet of Value." As Ripple moves forward, it is expected to continue to play a significant role in the development of the crypto industry, with XRP poised to benefit from increased institutional adoption and exchange listings.