- Ripple CEO Brad Garlinghouse announced that the SEC will withdraw its appeal in the lawsuit against the creator of XRP.
- XRP’s price rose about 12% on the news, sparking gains while the Ripple community celebrated.
Ripple CEO Brad Garlinghouse announced via X that the United States Securities and Exchange Commission (SEC) intends to withdraw its appeal in the lawsuit against the company. According to Garlinghouse, the SEC’s decision to drop the appeal represents a major victory for Ripple and the broader cryptocurrency ecosystem.
“This is it — the moment we’ve been waiting for. The SEC will withdraw the appeal — a crushing victory for Ripple, for crypto, however you look at it,” Garlinghouse wrote on X.
He added,
“I can finally say the case is over. It’s done.”
XRP, Ripple’s native token that has been at the center of a four-year legal battle, reacted strongly to the announcement. At the time of writing, XRP traded near $2.52, marking a gain of more than 12% over 24 hours, with the majority of those gains occurring after Garlinghouse’s announcement.
The Ripple–SEC legal battle comes to an end
Expectations that the SEC would withdraw its appeal and bring a close to the high-profile, four-year case had been growing for weeks. The trend followed several recent moves by the regulator, including the resolution or dismissal of multiple cryptocurrency-related enforcement actions and investigations.
Cases involving firms such as Coinbase, Kraken and Gemini among others have recently been resolved, which suggested the SEC might also be preparing to drop the appeal against Ripple.
Reports last week indicated the regulator was actively reviewing the matter; at that time, Ripple’s legal team’s fee requests and demands—reported to be around $125 million—were among the outstanding issues. On March 19, on the sidelines of the Digital Asset Summit in New York, Garlinghouse publicly confirmed that the SEC would indeed withdraw the appeal.
Bringing the XRP saga to a close is a significant development for Ripple’s community. “A few minutes ago, just before I came out here, I posted on X that we can now announce that the SEC is no longer pursuing the appeal in the Ripple case,” Garlinghouse told summit attendees.
The Securities and Exchange Commission has not yet issued an official statement confirming the report, but market participants and the Ripple community are already looking ahead, anticipating a new chapter for Ripple and XRP.