XRP experienced a 10% increase during U.S. morning hours on Wednesday. This surge followed Ripple CEO Brad Garlinghouse’s announcement that the U.S. Securities and Exchange Commission (SEC) plans to drop its appeal against Ripple. The SEC had filed a lawsuit against Ripple in 2020, alleging the company raised $1.3 billion through unregistered securities sales of XRP tokens. In 2023, U.S. Judge Analisa Torres ruled that while Ripple’s institutional sales violated federal securities laws, programmatic sales to retail exchanges did not. The judge fined Ripple $125 million last August. The SEC’s lawsuit led to $15 billion in losses for XRP holders. The potential end of this lawsuit increases the likelihood of an XRP exchange-traded fund (ETF) approval, with Bloomberg experts estimating a 65-75% chance by year’s end.
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