The long-running legal showdown between Ripple Labs and the SEC finally seems to be winding down. In a surprising twist, both parties have agreed to drop their appeals in the Second Circuit, meaning the legal drama might just be over, at least for now. The best part? They’re both going to foot their own bills, according to the joint stipulation of dismissal filed on Thursday. No one’s getting a free lunch here.
Ripple CEO Brad Garlinghouse had already hinted that his firm would drop its cross-appeal, saying back in June:
“We’re closing this chapter once and for all and focusing on what’s most important—building the Internet of Value.”
I mean, who needs endless legal wrangling when you can focus on crypto-world domination, right?
XRP Gets a Boost After Legal Chapter Closes
So, what does this mean for Ripple? Well, Judge Analisa Torres' 2023 mixed ruling now stands as the final word. In her decision, she ruled that hundreds of millions of dollars' worth of XRP sold to institutional investors were, in fact, unlawful securities sales. But she also gave Ripple a win, ruling that their "blind bid" sales to retail investors were not securities.
And here’s the catch: XRP’s price jumped by over 7% right after the news broke. It went from around $3.04 to $3.32, according to HodlFm's XRP price page.
Coincidence? I think not. It looks like investors are breathing a little easier now that the legal cloud has started to lift. Let’s see where Ripple goes from here.
Gunel Ismayilova
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