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The world of cryptocurrency has witnessed a significant development as the US Securities and Exchange Commission (SEC) has dropped its lawsuit against Ripple (XRP). This news comes as a massive relief to Ripple’s CEO Brad Garlinghouse who referred to this as “a very big victory for the Ripple firm”.
As per reports, Ripple had been facing legal troubles since December 2020 when the SEC accused it of selling XRP as an unregistered security. The case has led to quite some controversy and speculation within the cryptocurrency space.
In a tweet, Brad Garlinghouse emphasized that “The SEC will drop its appeal.” He also took the opportunity to call out the victory for Ripple and the crypto industry as a whole.
Stuart Alderoty, Chief Legal Officer at Ripple, further reiterated the significance of this development. According to him, the case has set a crucial precedent for the domestic crypto industry. He emphasized that today is a day to “move forward—stronger than ever.” Alderoty added that his company will assess how best to pursue their cross appeal.
It’s interesting to note that Ripple has pledged to donate $5 million worth of XRP coins to President Donald Trump’s inauguration fund following this development.
As can be expected, the news had a significant impact on the price movement of XRP. The cryptocurrency surged by 13% within hours of the announcement, with its current trading price at $2.53.
Crypto analyst Ali_chart has expressed his concerns over the potential hype surrounding the coin’s recent surge. He asked if it is indeed a good time to buy this cryptocurrency given that it appears to be in the midst of a bull phase.
The ripple effect of these developments on the broader market remains uncertain, but one thing is clear – investors will have their eyes glued to the XRP’s price movement as they wait for the official filing by the SEC staff on this legal matter.
The article has been written based on data that was retrieved from Bitcoinik.com.
Source: https://bitcoinik.com/finally-the-sec-body-drops-ripple-xrp-lawsuit-officially/
