Ripple Labs ‘closes chapter once and for all,’ drops cross appeal against SEC

• The Ripple-SEC case seemingly overnight, as Brad Garlinghouse CEO formally announced the withdrawal of their crosses.
• Previously, Judge Torres denied a joint proposal for settlement.

June 26, XRP The traders quickly decided to short selling after a legal hiccup with a legal judge for securities and the Securities Commission (SEC).

Soon after, however, Ripple Labs decided to cancel his crushed Cross against the SEC and say that it was expected to do the same.

IN X (formerly Twitter) post 28th June celebrated Ripple’s CEO Brad Garlinghouse,

“Ripple drops our cross attraction and is expected to cancel their appeal, as they said before.”

Was wasting the time to map the company’s road forward and indicated their long-term outlook-

“We close this chapter once and for all and focus on what is most important – building the Internet value.”

What led to a drop

June 26 had an American district judge Anaalisa Torres rejected A joint SEC and ripple proposal that supports the company has reduced a fine of $ 50 million for institutional sales of XRP.

Ripple was previously slapped with a fine of $ 125 million by a Torres judge in 2023 for violating the securities law for the sale of XRP institutional investors.

Torres said that sec and ripple can either revoke their appeal or refer to her order, directing,

“If the parties really want to terminate this court dispute.” todayThey can freely withdraw their appeal. Or, if the parties want the court orders to leave, they can… accept appeal. “

On his side, Ripple’s legal chief, Stuart Alderota, recognized However, both options, claimed that the legal status of XRP as “non -secure” remained unchanged.

XRP market reaction

June 26, as soon as the report of the case broke, XRP quickly fired as merchants when some decided to throw away while others took discounted prices.

Sentiment update XRP to 17 -day maximum with relatively bull comments note Individually.

However, Price XRP He began to decline afterwards and prolonged the decline to more than 6%. But at the time of printing it rose by 3%, settled in a shop for $ 2.18 and increased the hopes for a bull run to $ 3.