XRP Soars 10% as Garlinghouse Announces SEC is Dropping Case Against Ripple

Earlier reports indicated that the lengthy legal battle between Ripple and the SEC is approaching its conclusion.

XRP surged 10% on Wednesday during U.S. morning hours after Ripple CEO Brad Garlinghouse announced that the U.S. Securities and Exchange Commission (SEC) is poised to drop its appeal against Ripple, the company closely associated with XRP tokens.

"This is it – the moment we’ve been waiting for. The SEC will drop its appeal," Garlinghouse wrote on X. "A resounding victory for Ripple, for crypto, every way you look at it."

Reports last week suggested that the lengthy legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) is coming to an end. The SEC's lawsuit against the crypto company, which Garlinghouse referred to as the "first major shots fired in the war on crypto," had led to $15 billion in losses for XRP holders.