John Squire's latest article on X includes a video clip of Ripple CEO Brad Garlinghouse, reminding us strongly:

"XRP was once in second place before the SEC slowed it down." In the video, Garlinghouse explains, "People forget that... before the SEC intervened in the cryptocurrency market, XRP was the second most valuable digital asset after... ETH... then the SEC intervened... and then they sued Ripple and XRP lost value."

Squire's article highlights what many in the XRP community have long argued: that regulatory intervention, rather than market fundamentals, has delayed XRP's trajectory.

The Ripple-SEC case has concluded

The timing of Garlinghouse's comments is notable, coming right after the lengthy legal battle with the U.S. Securities and Exchange Commission (SEC) officially concluded. On August 7, 2025, Ripple and the SEC officially withdrew their appeal to the Second Circuit Court of Appeals.

This move marks the official end of the appeal process, upholding the previous decisions of Judge Analisa Torres and concluding nearly five years of dispute.

On August 22, the Second Circuit Court of Appeals approved the joint withdrawal, confirming that both parties' appeals have been withdrawn. With a one-page decision signed by appellate court clerk Catherine O'Hagan Wolfe, the case has been sealed as 'Ordered', officially closing it. The cryptocurrency industry sees this as the most significant resolution since the SEC began its campaign against Ripple in 2020.

What remains...

Although the case has concluded, the previous decisions of the appellate court remain in effect. Ripple must pay a civil penalty of $125 million, and the specific ban on institutional sales remains in effect.

Importantly, Judge Torres' decision from July 2023 remains upheld: Selling XRP on the secondary market on exchanges does not constitute a securities transaction, while institutional sales violate securities laws.

This outcome ensures transparency for daily traders and exchanges, ensuring that XRP is not classified as a security in the open market. At the same time, it also reinforces compliance regarding Ripple's direct sales to institutions.

Implications for the market

With the legal uncertainty finally resolved, XRP has reacted positively. The price of this token immediately surged on major exchanges, with increases ranging from 4-13% within hours following the court's decision. Analysts note that this decision could pave the way for relisting, boosting institutional confidence and the potential for inclusion in upcoming financial products like ETFs.

This decision sets an important precedent in U.S. regulations, clarifying that while the sale of tokens by institutions may be considered securities, cryptocurrency trading on the secondary market like XRP is not securities. This distinction could have far-reaching consequences for the entire digital asset industry.

Conclusion

The sharing of Garlinghouse's statement by John Squire becomes more compelling at this time. XRP was once a close competitor to Ethereum in market capitalization, but its decline was due to legal pressure, not a lack of utility or demand.

After the SEC lawsuit has finally concluded, Ripple can refocus its efforts on adoption, partnerships, and cross-border payment solutions. Whether XRP can regain its previous position remains to be seen, but the conclusion of this lawsuit will pave the way for a return that Garlinghouse describes as a long-awaited comeback.

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