Ripple·SEC abruptly withdraw appeal…XRP surges 8%

Doohyun Hwang

Summary

It was reported that the long-standing legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple was effectively concluded as both parties withdrew their appeals.
According to the court's final ruling, sales of XRP to institutional investors were considered unregistered securities, while the 'blind bid' sales method to general investors was declared not to be a security.
It was also reported that following the news of the appeal withdrawals, the price of XRP surged by more than 8%.

The long-standing legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs has effectively come to an end. Both parties have agreed to withdraw their appeals and to bear their own legal costs.

According to a joint agreement filed on the 7th (local time) with the United States Court of Appeals for the Second Circuit, the SEC and Ripple have both agreed to withdraw the appeals and cross-appeals, and each will cover their own litigation costs. Previously, Brad Garlinghouse, CEO of Ripple, stated in June, "This chapter ends here, and we will focus on our original goal of building the Internet of Value," announcing the intention to withdraw the cross-appeals.

This move effectively solidifies Judge Analisa Torres' 2023 ruling as the final conclusion in the Ripple·SEC lawsuit. Judge Torres ruled that sales of XRP to institutional investors constituted an unregistered securities offering, but XRP sold to general investors through a 'blind bid' method was not considered a security.

As a result, the price of XRP surged over 8%. On this day, on the global crypto exchange Binance, XRP traded against Tether (USDT) rose from $3.04 to $3.27 immediately after the news of the appeal withdrawal broke.

XRP