Cryptocurrency Company Ripple has taken a major step into a nearly five-year lawsuit with the Securities and Exchange Commission (SEC). Ripple announced it had withdrawn its appeal by choosing to “continue or waive” the two court options.
Ripple CEO Brad Garlinghouse announced its decision today on social media platform X, saying it is expected that the SEC will similarly withdraw its own appeal. “We are closing this chapter forever and focusing on what really matters.
This development comes shortly after Judge Analisa Torres rejects the parties' offer of a conditional settlement. However, Torres pointed out that the parties were unable to justify the change.
If the SEC removes the appeal, Ripple is expected to pay a total fine of $125 million, and the case will be completely over.
A limited increase in XRP prices was observed after development. Market observers say this step could open the door for new investment products. “The closure of this incident paves the way for Spot XRP ETFs,” said ETFSTORE president Nate Geraci. Geraci also argued that major investment companies like BlackRock are now in a better position to enter the XRP market.
There are currently several XRP ETF applications ahead of the SEC, and there is a 95% chance that these applications will be approved by the October deadline, according to analysts at Bloomberg.
*This is not investment advice.
