Breaking: XRP Lawsuit Ends as Ripple and SEC File Joint Dismissal

In a massive development for the crypto community and most especially the XRP community, the SEC and Ripple have moved to end their respective appeals. This officially ends the XRP lawsuit, a case that has lasted over four years.

XRP Lawsuit Ends Following Ripple, SEC Joint Dismissal

In an X post, Defense lawyer James Filan revealed that Ripple and the SEC have filed a joint dismissal of the appeals. He added that the lawsuit is over following this move.

This development comes over a month after the crypto firm agreed to drop its cross-appeal in the XRP lawsuit. The SEC still had to take a vote to drop its appeal, which was what delayed the move to drop the appeal case.

This move confirms that the Commissioners voted in favor of dropping the case, which has prompted the filing from both parties. The joint dismissal officially ends a legal battle that began in December 2020 and has lasted over four years.

The filing showed that the SEC, as the appellant, and Ripple, alongside its executives Brad Garlinghouse and Chris Larsen, as the cross-appellants, filed this joint stipulation of dismissal.

Notably, legal expert Bill Morgan had rightly predicted that the XRP lawsuit dismissal was likely to happen before August 15. With the case now over, the monetary judgment that Ripple paid will be released from escrow and paid to the SEC.

Meanwhile, the injunction will still stand as Judge Analisa Torres had earlier refused to give an indicative ruling that would adopt the settlement agreement reached by both parties earlier in the year.

Ripple and the SEC had agreed that the crypto firm would pay $50 million instead of the $125 million Judge Torres had ordered. Meanwhile, the SEC had asked the court to drop the injunction against Ripple, which Judge Torres refused.

Judge Torres’ ruling in the lawsuit stands as the final judgment, meaning that XRP is also not a security as she had ordered. The SEC has also clarified that in its latest guidance for the crypto industry.

Ripple CLO Confirms Case Is Over

Meanwhile, in an X post, Ripple Chief Legal Officer (CLO) Stuart Alderoty confirmed that the XRP lawsuit was indeed over. He stated that following the Commission’s vote today, the SEC and his firm have formally filed directly with the Second Circuit to dismiss their appeals. He added that this was “the end” and that it was now back to business.

The XRP price has spiked over 4% following this development. TradingView data shows that the altcoin is currently trading at around $3.27, up over 9% in the last 24 hours.

The news about the XRP lawsuit ending is bullish for the altcoin, considering how it almost guarantees the approval of the spot XRP ETFs. Moreover, market expert Nate Geraci had suggested that BlackRock may be waiting for the lawsuit to end before it files for an XRP ETF.

Meanwhile, Bloomberg analyst Eric Balchunas confirmed that their approval odds for an XRP ETF this year remain 95%. He made this comment while noting how the odds on Polymarket had dropped following revelations that SEC Commissioner Caroline Crenshaw was voting against crypto ETF applications.