XRP experienced a notable surge of 10% on Wednesday morning in the U.S. market, following an announcement from Ripple CEO Brad Garlinghouse. He revealed that the U.S. Securities and Exchange Commission (SEC) is reportedly set to drop its appeal against Ripple, the company that underpins the XRP tokens.
A Momentous Announcement for Ripple and Crypto
In a post on social media platform X, Garlinghouse expressed his enthusiasm: “This is it – the moment we’ve been waiting for. The SEC will drop its appeal. A resounding victory for Ripple, for crypto, every way you look at it.” His words signal a potentially transformative outcome for Ripple and the broader cryptocurrency landscape.
Implications of the SEC Lawsuit
The legal tussle between Ripple and the SEC has been a significant point of contention within the cryptocurrency sector. The SEC’s lawsuit, which Garlinghouse referred to as the “first major shots fired in the war on crypto,” has had considerable repercussions. It has reportedly led to losses amounting to $15 billion for XRP holders since it was initiated.
Ripple’s Legal Battle and Its Aftermath
As reports emerged last week indicating that the protracted legal battle may be nearing its conclusion, the crypto community has been closely monitoring developments. The SEC’s decision to withdraw its case could mark a turning point, not only for Ripple but also for other cryptocurrencies facing similar regulatory scrutiny.
In summary, the anticipated withdrawal of the SEC’s case against Ripple may catalyze a positive shift in the market and restore confidence among XRP holders and the wider crypto community.
