$XRP Surges 10%, Outperforms Crypto Market After Ripple CEO Reveals SEC Case Has Ended

XRP prices skyrocketed Wednesday night after Ripple CEO Brad Garlinghouse announced that the U.S. Securities and Exchange Commission (SEC), under new leadership, has decided to drop its appeal in its case against the fintech firm overseeing the XRP Ledger's development.

The cryptocurrency was up nearly 10% in the day following the news. Its 24-hour chart also showed the dramatic price surge that at one point hit $2.57, as per CoinGecko data.

Ripple CEO Announces End of SEC Legal Battle

In a video statement, Garlinghouse said the "case has ended" after four years of legal back-and-forth exchanges between the SEC and Ripple.

The SEC sued Ripple late in 2020 for alleged violations of securities laws over its sales of the XRP token. After former Chair Gary Gensler took over the financial regulator in 2021, he pursued the case, kicking off the years-long legal faceoff that was supposed to end in a ruling wherein the federal judge found XRP is not a security when offered on exchanges and XRP is not a security in itself. However, the SEC filed an appeal.

"Sitting here today and reflecting on four years ago, it seems very clear to me that this case was doomed from the start. In so many ways, it was the first major shot fired in the war on crypto," Garlinghouse said.

While the Gensler SEC had initiated multiple other lawsuits against other crypto firms, the Ripple case became one of the most high-profile cases due to the company's fierce offensive in the very public legal squabble.

"Ripple is the first company with the resources, determination, and grit to fight back against the agency's overreach, and today, this journey finally concludes. Today is a victory, and long overdue surrender by the SEC," he added.

Garlinghouse's video announcement clarified that while the SEC has decided, in principle, to drop the appeal on the 2023 ruling over XRP's legal status as a security, it will still go through a Commission vote.

The Ripple chief went on to criticize the Gensler SEC for going all out to "intimidate and terrorize" the entire cryptocurrency industry, further accusing the Wall Street regulator under Gensler as "the market manipulator" for triggering the wipeout of billions from XRP's market cap when it filed the lawsuit.

Stuart Alderoty, Ripple's chief legal officer, also took to X to explain that the ball is now in Ripple's court following the SEC's decision.

After the Gensler SEC filed its appeal against the 2023 ruling, Ripple clapped back with a cross-appeal. Alderoty noted that the company will "evaluate how best to pursue" the matter.

Crypto Leaders Celebrate Ripple's Victory

Investor Anthony Scaramucci, who is a well-followed figure in the crypto space, was among the many crypto and blockchain leaders who congratulated Ripple for a well-fought battle.

Other congratulatory messages were also dropped by Coinbase CEO Brian Armstrong, popular crypto podcaster Tony Edward, crypto YouTuber Coach JV, the official handle of crypto platform Uphold, TechCrunch Founder Michael Arrington, and the official account of the Flare DeFi platform, among others.

Crypto Market Joins Celebrations

As if celebrating along with the XRP community, other major cryptocurrencies were also up in the last 24 hours, although XRP did outperform the Top 10 most valuable crypto assets.

Bitcoin rallied 4.5%, Ethereum climbed 5.4%, Solana added 7.3%, and Cardano jumped 4.4%, signaling improving sentiment for the crypto market following several weeks of bearish signals.

The terms "Ripple & XRP" and "XRP Army" were also trending on X overnight as XRP holders discussed the huge breakthrough.