In cryptocurrencies, XRP stood out on Wednesday, rising 11% to a two-week high of $2.50, after the CEO Ripple Labs said the SEC was dropping its appeal into a long-running case against the company.
Brad Garlinghouse said in a tweet on X that the US financial regulator "will drop its appeal" over the case against Ripple Labs.
He added in a video that the case "has ended, it’s over".
This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it.
The future is bright. Let's build. pic.twitter.com/7WsD0C92Cm
— Brad Garlinghouse (@bgarlinghouse) March 19, 2025
The US Securities and Exchange Commission filed a notice of appeal against the creator of the Ripple XRP cryptocurrency last October.
This followed a judge's order last August that Ripple Labs must pay $125 million for securities law violations tied to the launch of the XRP crypto token in 2012, which represented a slap on the wrist compared to the $2 billion of fines the SEC was seeking.
Ripple Labs had already secured a partial victory in July 2023, when a court ruled that XRP is a security when offered to institutions, but not a security when bought by retail investors.