CMC News

$XRP Spikes 3% as #Ripple Drops #SEC Cross-Appeal

$XRP surged 3.36% to $2.18 after Ripple CEO Brad Garlinghouse announced they are dropping the SEC cross-appeal.

The company expects the #SEC to also drop their appeal, ending the four-year legal battle.

Garlinghouse stated Ripple is "closing this chapter once and for all" to focus on building.

The announcement came after a court denied their joint motion to reduce the $125 million penalty.

#Ripple's chief legal officer confirmed $XRP's status as "not a security remains unchanged."

The original SEC #lawsuit filed in December 2020 claimed $1.3 billion in unregistered security sales.

Market response shows investor relief over potential regulatory clarity for $XRP.