The price of the native token of the XRP Ledger, XRP, surged by nearly 14% in the last 24-hour period after Ripple CEO Brad Garlinghouse revealed that the U.S. Securities and Exchange Commission (SEC) is dropping its appeal against the firm.
“This is it – the moment we’ve been waiting for. The SEC will drop its appeal,” Garlinghouse posted on X. “A resounding victory for Ripple, for crypto, every way you look at it.” The SEC sued Ripple in 2020, alleging it raised $1.3 billion through unregistered securities sales of XRP.
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.
The future is bright. Let’s build. pic.twitter.com/7WsD0C92Cm
— Brad Garlinghouse (@bgarlinghouse) March 19, 2025
Ripple’s Longstanding Legal Battle With SEC
In a 2023 ruling, U.S. District Judge Analisa Torres determined that while Ripple violated federal securities laws in institutional sales, programmatic sales to retail traders did not break regulations.
The ruling was seen as a partial victory for Ripple, though it came with a $125 million penalty. The SEC later filed a “notice of appeal” to challenge aspects of the decision. Garlinghouse previously called the lawsuit “the first major shot fired in the war on crypto,” estimating that XRP holders lost $15 billion in value due to the legal uncertainty.
The SEC, under former Chair Gary Gensler, pursued enforcement actions against multiple crypto firms, but recent leadership changes suggest a shift in approach. Following Gensler’s departure, the SEC has withdrawn cases against companies like Coinbase.
