The price of $XRP surged over 3% Friday after Ripple CEO Brad Garlinghouse announced the company is formally withdrawing its cross-appeal in its legal case with the U.S. Securities and Exchange Commission (SEC), signaling a possible end to the four-year dispute.

Garlinghouse made the announcement via social media, stating:


“Ripple is dropping our cross-appeal, and the SEC is expected to drop their appeal, as they’ve previously said. We’re closing this chapter once and for all.”



Shortly after the statement, XRP climbed 3.36% to $2.18, according to data from CoinMarketCap, marking a rare spike for the token, which had declined over 4% in the past 30 days.

Ripple signals a return to business

Garlinghouse emphasized the company’s shift toward growth and innovation, writing:


“We’re focusing on what’s most important – building the Internet of Value. Lock in.”


The move comes just a day after U.S. District Judge Analisa Torres denied a joint request from Ripple and the SEC to reduce Ripple’s $125 million civil penalty. Judge Torres reaffirmed her previous stance that Ripple had violated securities laws in its primary sales of XRP to institutional investors.

Despite the court’s refusal to reverse the penalty, Ripple’s legal team framed the decision as a strategic pivot.


“The Court gave us two options,” said Stuart Alderoty, Ripple’s chief legal officer. “We’ve chosen to dismiss the appeal and move forward.”


Alderoty reassured XRP holders that the token’s legal classification is unchanged, stating,


“XRP’s legal status as not a security remains unchanged. In the meantime, it’s business as usual.”


If the SEC also withdraws its appeal, the legal saga — which began in December 2020 when the SEC alleged Ripple raised $1.3 billion through unregistered XRP sales — may finally come to a close.

In previous rulings, the court significantly reduced the SEC’s proposed penalty from $2 billion to $125 million, a result Garlinghouse has described as a “victory” for Ripple and the broader crypto industry.

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