news 
Ripple CEO: ‘Chapter Closed’ as XRP Surges 5% on SEC Appeal Withdrawal
In a recent tweet, Brad Garlinghouse, the Chief Executive Officer of Ripple, announced that they would be dropping their cross-appeal and encouraged the Securities and Exchange Commission (SEC) to do the same. This move is meant to “close the chapter” and allow both parties to focus on more important endeavors.
The news has sent a positive wave through the XRP community, as the price of Ripple surged 5% in response. The cryptocurrency traded from $2.0 to $2.2 before settling at $2.19 due to some correction following the sudden increase.
CNF previously reported that both the SEC and Ripple Labs had filed a joint motion at the Manhattan federal court to reverse an order which defines the primary sales of XRP, as well as reduce the $125 million civil penalty imposed for violating federal securities laws. However, Judge Analisa Torres denied this request on the grounds that neither party has demonstrated “exceptional circumstances” needed to vacate a final judgment.
As a result of the court’s decision, Ripple is opting to dismiss their cross-appeal and urging the SEC to do the same. The aim is to put an end to the prolonged litigation process and redirect resources towards building the “Internet of Value.”
Garlinghouse expressed his hope that the SEC will follow suit, stating that dropping the appeal would enable both parties to move on from this chapter in their history and focus on creating value for stakeholders.
The XRP market reacted positively to Garlinghouse’s statement, with a surge of 5% recorded. Although this is not necessarily indicative of the future performance of Ripple or its related assets, it may suggest that the cryptocurrency has potential for growth going forward.
Source: www.crypto-news-flash.com
