According to Brad Garlinghouse, the CEO of blockchain development company Ripple, the U.S. Securities and Exchange Commission (SEC) will withdraw its appeal against Ripple. He stated this on the social media platform X on Wednesday:
Ripple’s General Counsel Stuart Alderoty added: “With the SEC withdrawing its appeal, Ripple now has the upper hand, and we will evaluate how best to proceed with our counter-appeal.”
Following the announcement, Ripple’s native token XRP surged over 10% in a short period. As of the time of this publication, the trading price of XRP was $2.50.
Related article: “Insiders: The SEC’s lawsuit against Ripple may soon come to an end, with both parties still negotiating settlement terms.”