Blockchain firm Ripple is moving to formally conclude its long-running legal battle with the Securities Exchange Commission (SEC) following a series of recent setbacks.
CEO Brad Garlinghouse confirmed that Ripple is dropping its cross-appeal, with the SEC expected to do the same, effectively bringing the case to a close, he said in an X post on June 28.
“Ripple is dropping our cross appeal, and the SEC is expected to drop their appeal, as they’ve previously said. We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value. Lock in,” he said.
This move comes just days after U.S. District Judge Analisa Torres rejected a joint motion from Ripple and the SEC that sought an indicative ruling to reduce a $125 million civil penalty.
The motion also aimed to overturn a prior finding that Ripple’s institutional XRP sales constituted unregistered securities offerings.
XRP non-security status unchanged
Judge Torres issued a nuanced decision, partially granting the SEC’s request for an injunction and penalty while raising concerns about Ripple’s prior conduct regarding court-imposed limits.
Despite the outcome, Ripple’s leadership maintains that the legal status of XRP remains unaffected by the latest ruling.
The SEC originally sued Ripple in December 2020, alleging it raised $1.3 billion through unregistered XRP sales. Although Ripple was not fully exonerated, Garlinghouse previously described the $125 million penalty, imposed in August 2024, as a strategic win, significantly lower than the SEC’s initial demand of $2 billion.
If the SEC proceeds with withdrawing its appeal, as expected, it will mark the end of one of the most significant regulatory enforcement cases in the history of the cryptocurrency industry.
XRP price analysis
Following this development, XRP has turned bullish, rising 4.5% over the past 24 hours to $2.19 at the time of writing. Over the past week, the token has gained more than 2%.
However, technical indicators present a mixed outlook. XRP is trading below its 50-day simple moving average (SMA) of $2.29, indicating waning short-term momentum; however, it remains well above its 200-day SMA of $1.82, which signals continued long-term strength.
The 14-day Relative Strength Index (RSI) stands at 47.53, indicating neutral conditions, neither overbought nor oversold.
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