The US Securities and Exchange Commission (SEC) has confirmed that it has jointly submitted a request to dismiss existing appeals to conclude the case against Ripple (XRP).
XRP has been predicted to hit $12 this cycle as it breaks out of a multi-year symmetrical triangle pattern.
Former federal prosecutor James K. Filan has shared a document on X, detailing the SEC’s update to the court on the current status of the legal battle against Ripple.
In the report, the SEC confirmed that a joint motion for dismissal of its appeal and the cross-appeal of Ripple has been submitted, just as indicated by CNF last week.
The Background of the SEC vs Ripple Case
The decision to end the case through resolution was proposed by the SEC on April 16, 2025, when it requested the Second Circuit to pause the case for 60 days. As part of the agreement, the Commission was asked to submit a status report by June 16. Fascinatingly, their proposal to reduce the $125 million fine imposed by Ripple and vacate the injunction was dismissed by Judge Analisa Torres, as noted in our earlier post.
Following this outcome, the SEC asked for another 60 days. The deadline to provide this status update was then fixed on August 15. It is important to note that the requests are pending approval from the court to bring the multi-year-long legal battle to an end.
Recently, Ripple Chief Legal Officer Stuart Alderoty disclosed that the court has recognized the joint dismissals. Also, he highlighted that each party will pay their cost and fees, as reviewed in our earlier discussion.
Following the Commission’s vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals. The end… and now back to business.
🔸XRP’s Price Reaction
The price of XRP marginally reacted to this development, rising from $3.0 to $3.14 in a 1.4% surge in the last 24 hours. According to our market data, XRP has declined by 5.5% in the last seven days and 3.2% in the last 30 days. Its daily trading volume has also declined by 35.4%, with $6.4 billion changing hands at press time.
Leveraging the formation of a multi-year symmetrical triangle pattern on its price chart, popular analyst Ali Martinez has projected that XRP could hit $12 this cycle. According to Martinez, this triangle breakout started in November 2024.
In a recent update, CNF also reported that an analyst expects XRP to rise to $4 in the short term after breaching the $3.5 resistance level. For Bitget Wallet CMO Jamie Elkaleh, investors’ sentiments around this asset have significantly improved. As detailed in our recent news story, he noted that the next XRP rally could be fueled by the current regulatory clarity and legitimacy.
XRP is regaining market momentum as renewed ETF speculation intersects with increasing legal clarity. This shift is boosting market depth and signaling a structural step forward for XRP’s legitimacy in U.S. markets.
