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XRP rises 11% after Ripple and SEC officially dismiss lawsuit appeals
In a major development for the cryptocurrency industry, Ripple and the U.S. Securities and Exchange Commission (SEC) have officially ended their long-running legal dispute.
Both parties have jointly dismissed their appeals, bringing to a close a case that has been closely followed by investors, regulators, and industry participants alike.
Dismissal of appeals marks conclusion of lawsuit
The legal battle, which began in 2020, has centered around whether Ripple’s XRP token qualifies as a security under U.S. law. Following a vote by the SEC, both Ripple and the Commission filed with the Second Circuit to dismiss their respective appeals.
Ripple’s Chief Legal Officer, Stuart Alderoty, confirmed the development, adding, "The end… and now back to business." According to court filings, the SEC has dismissed its appeal (Case No. 24-2648), and Ripple has dismissed its cross-appeal (Case No. 24-2705), with both parties agreeing to bear their own legal costs.
XRP price surge amid legal resolution
The news has had an immediate impact on XRP’s price. Following the dismissal of the appeals, the cryptocurrency saw a notable 11% rise, reaching new highs. As of August 7, the price of XRP continues to show strength, hovering near key resistance levels around $3.30–$3.40.
XRP price dynamics. Source: TradingView
Market analysts suggest that while some resistance may remain in this range, the overall trend for XRP remains positive, with buyers currently in control of price action. The rally marks a sharp contrast to the uncertainty that plagued XRP prices during the prolonged legal proceedings.
Looking Ahead: What’s Next for Ripple and XRP?
What does this mean for Ripple and XRP in the future? While Ripple remains banned from engaging in unregistered institutional XRP sales, the dismissal of the appeals and the closure of the case provide a more defined regulatory path for the company. However, Ripple must still comply with the court’s imposed restrictions as it moves forward.
The resolution of this legal case marks a critical milestone for Ripple, its investors, and the broader cryptocurrency market. With the legal cloud now lifted, Ripple can focus on expanding its operations and partnerships, especially in the realm of cross-border payments, where it has seen significant growth. For XRP holders, the end of the lawsuit signals the potential for further price growth as the cryptocurrency regains investor confidence.
As the market reacts to the news, traders will be keeping a close eye on any further developments related to Ripple’s regulatory standing and the future of XRP in the global financial ecosystem.
We wrote earlier that Ripple and SEC requested pause in appeals as settlement advances.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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