XRP Surges Past $3 as SEC Poised to Drop Appeal by Aug 15
XRP surged above $3, rising over 4.5% in 24 hours as optimism grows around the SEC appeal in the Ripple lawsuit.
Legal counsel Bill Morgan indicated that the SEC is likely to withdraw its appeal by the joint-report deadline on August 15. This follows a conditional settlement agreement between Ripple and the SEC to end the nearly five-year legal dispute.
If the settlement gains court approval, the case will return to district court for final authorization. Traders view the potential SEC appeal withdrawal as a major catalyst for regulatory clarity and bullish momentum in XRP.
The July 2023 ruling exempted retail XRP sales from securities classification but deemed institutional transactions as securities, resulting in a $125 million fine. The latest updates have eased regulatory uncertainty, boosted investor confidence, and could influence broader cryptocurrency regulation and market sentiment.
Bullish
The prediction that the SEC will drop its appeal reduces legal uncertainty in the Ripple lawsuit. In the short term, this news triggered a price surge as traders anticipate improved regulatory clarity. Increased investor confidence has already driven XRP above $3. Over the long term, resolving the nearly five-year legal battle could set a positive precedent for cryptocurrency regulation and lower compliance risks. This environment may support sustained bullish momentum and attract new market participants, reinforcing XRP’s market stability and growth prospects.