XRP Surges 3% After Garlinghouse’s Statement Ripple CEO Brad Garlinghouse revealed that the firm is formally withdrawing its cross-appeal in its protracted legal battle against the United States Securities and Exchange Commission (SEC).
Garlinghouse posted the news on X (previously Twitter), declaring that Ripple is “putting this chapter behind us once and for all” and that the SEC is expected to reciprocate by withdrawing its appeal.
According to CoinMarketCap data, XRP jumped 3.36% to $2.18 within five hours of the post.
Garlinghouse: “It’s Business as Usual”
Garlinghouse emphasized that Ripple will now shift focus back to development, stating:
“We’re closing this chapter once and for all and focusing on what’s most important – building the internet of Value. Lock in.”
The assertion follows a U.S. district court ruling that threw out a joint motion by the SEC and Ripple to reduce a $125 million fine and reverse an earlier ruling that treated institutional XRP sales as securities transactions.
Ripple’s Legal Ground Still Intact
Despite the denied motion, Ripple’s senior most legal official Stuart Alderoty still insisted that XRP’s underlying legal status hasn’t changed.
“The Court gave us a dilemma: dismiss our appeal or proceed. Either way, the legal status of XRP as not a security remains undisturbed,” said Alderoty.
Ripple seems to have chosen finality over protracted litigation.
Background: A Four-Year Legal Fight Comes to a Close
The SEC originally sued Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, alleging they raised $1.3 billion from unregistered sales of XRP.
In 2024, Ripple was hit with a $125 million fine—only 6% of the initial $2 billion penalty requested by the SEC. Garlinghouse labeled the outcome a “victory” for the company.
If the SEC now finds its way clear to going through with its intention to drop its appeal, it may be the close of one of the most important legal battles in crypto history.
