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Cardano Founder on SEC Dropping Ripple Appeal: “A Great Victory for Crypto”

Okoya David
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Cardano Founder on SEC Dropping Ripple Appeal: “A Great Victory for Crypto”

Cardano founder Charles Hoskinson celebrates the end of the SEC’s pursuit of enforcement against Ripple.

Under President Donald Trump’s administration, things have taken a sharp turn for the crypto industry in the United States, with regulatory wins coming hard and fast.

In the latest instance, the years-long legal warfare between the Securities and Exchange Commission and Ripple appears to be at an end, at least from the perspective of the regulator pursuing enforcement. The development has sparked celebratory cheers and pats on the back among supporters, including Cardano founder Charles Hoskinson.

“A Great Victory for Crypto”

On Wednesday, March 19, Ripple CEO Brad Garlinghouse declared the SEC case against Ripple over, disclosing that the SEC has decided to drop its appeal. 

Reacting to the announcement, Cardano founder Charles Hoskinson congratulated the XRP community and declared the development “a great victory for crypto.” 

The sentiment comes as many see the end of the Ripple case as marking the end of the SEC’s so-called war on crypto.

First filed in December 2020, the case against Ripple was the first high-profile case in the agency’s war on crypto and is now perhaps the last to be closed as the regulator amends its position on the industry under the new administration.

Over the past few weeks, the agency has walked back on over 10 major crypto enforcement cases, including Coinbase, Consensys, Kraken, OpenSea, and Uniswap.

Loose Ends

While the SEC looks set to drop its appeal against Ripple, the latter does not appear to have decided on its cross-appeal. Ripple CEO Brad Garlinghouse has suggested that the firm wants to get rid of aspects of the previous ruling in the case.

While the court had found that Ripple’s secondary market XRP sales did not qualify as security offerings, it faulted its XRP sales to institutional investors. As such, in August 2024, Ripple was ordered to pay $125 million in fines and saddled with an injunction against direct XRP sales to institutions without SEC exemption.

According to Garlinghouse, this required “clean up.”

Ripple CEO Makes Bold Predictions for XRP After SEC Drops Lawsuit

Lele Jima
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Ripple CEO Makes Bold Predictions for XRP After SEC Drops Lawsuit

With the SEC dropping its lawsuit against Ripple, the company’s CEO, Brad Garlinghouse, was featured in a Bloomberg interview, making bold predictions for XRP. 

During the interview, he commented on why Ripple has not dropped its cross-appeal against the SEC and other XRP-related topics. 

XRP to Feature in US Crypto Asset Stockpile 

He was asked why the U.S. digital asset stockpile executive order did not specifically mention XRP as part of the stockpile. Responding, Garlinghouse expressed confidence about XRP’s potential inclusion in the reserve. 

The Ripple CEO explained that President Trump had already mentioned XRP as part of the initiative in a Truth Social post prior to the executive order.

According to him, the U.S. plans to establish a Strategic Bitcoin Reserve (SBR) along with a digital asset stockpile featuring other crypto assets, with XRP being one of them. 

When quizzed about how much XRP will be featured in the crypto stockpile, Garlinghouse did not provide a specific answer. However, he noted that the stockpile will comprise seized cryptos.

Notably, the blockchain wallet holding these seized cryptos currently boasts a holding of $17.45 billion worth of assets, including nearly 20,000 Bitcoin. XRP is not part of the crypto assets held in the wallet. 

Recall that the executive order specified that it would not buy assets for the digital asset stockpile but only hold those obtained through forfeitures.

As a result, if the U.S. intends to hold XRP in its stockpile, it might have to convert one or more of the assets in its blockchain wallets into XRP. Whether the U.S. will adopt this approach remains to be seen. 

XRP ETF to Launch in H2 2025 

Meanwhile, Garlinghouse also expressed confidence that XRP will secure an ETF this year. Specifically, he mentioned that at least one XRP ETF will go live in the second half of 2025. 

His confidence stems from the multiple filings from prospective issuers. The Crypto Basic previously reported that the number of XRP ETFs featured in the filings soared to 15 following Franklin Templeton’s involvement. 

Notably, another factor that could bolster the chances of an XRP ETF going live this year is the SEC dropping its lawsuit against Ripple, a development that is already underway. This removes any regulatory uncertainty surrounding XRP.

Growing Demand for XRP 

The Ripple CEO suggested that there is growing demand for XRP among institutional investors, as reflected in the surge in inflows into offshore-based XRP ETPs. According to him, while other crypto ETPs are seeing outflows, those tied to XRP have recorded strong inflows.  

He attributed this positive development to easing negative pressure on XRP orchestrated by the previous SEC leadership.

In the meantime, the SEC has acknowledged most of the XRP ETF filings. The next date for the SEC’s approval decision is slated for May 2025. Market commentator Vincent Van Code projected that the SEC may approve several XRP ETFs by May 22, 2025.

Bitcoin Reacts as Donald Trump Says the Fed Would Be Better Off Cutting Interest Rate

Elendu Benedict
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Bitcoin Reacts as Donald Trump Says the Fed Would Be Better Off Cutting Interest Rate

Pro-Bitcoin US President Donald Trump has nudged the Central Bank to resume funding rate cuts as tariff implementations transition into the economy.

He made the call in a Truth Social post on Wednesday, shortly after the FOMC meeting. Trump insisted that cutting interest rates was the best thing the Federal Reserve System (Fed) should do amid extensive tariff hikes.

President Donald Trump on Truth Social
President Donald Trump on Truth Social

Notably, the president noted he would resume implementing new tariffs on most imports into the US starting from April 2, a date he termed “Liberation Day in America.” With plans in place, Trump nudged the Fed to resume rate cuts, arguing it was the right thing to do and the bank would be better off taking the approach.

Meanwhile, the post came on the day that the Fed left rates unchanged. At Wednesday’s FOMC meeting, Chair Jerome Powell maintained the current interest rate, with Bitcoin and the broader market rebounding extensively from the development.

Trump and Fed’s Dovish Tone Sends Bitcoin Surging

While Powell announced an unchanged funding rate on March 19, his bullish tone, alongside Trump’s urge to start cutting rates, sent Bitcoin soaring. The pioneering cryptocurrency rallied 5% to an intraday high of $87,482, a price level it saw almost two weeks ago.

For perspective, the Fed maintained a target funding rate range of 4.25% and 4.5% yesterday despite revising inflation up to 2.8%. The agency also disclosed a slower economic growth of 1.7% this year, down from 2.1% in December, citing the ripple effect from Trump’s tariff hikes.

Nonetheless, Powell disclosed the Central Bank intends to cut rates twice in 2025 by 50 basis points. He also revealed plans to reduce the monthly Treasury redemption cap to $5 billion from $25 billion but maintain that of agency debt and mortgage-backed securities at $35 billion.

This dovish development spurred a much-needed Bitcoin rebound. Notably, the broader US market also received bullish momentum, with the S&P 500, Dow 30, and Nasdaq 100 spiking considerably.

What Next for Bitcoin?

Meanwhile, analysis suggests the bounce could trigger more upsides for Bitcoin in the near term. Despite speculations that the bull cycle might be over, the expected rate cuts and the surging M2 money supply could provide strong macroeconomic bullish momentum for the largest cryptocurrency by market cap.

Moreover, leading US bank Wells Fargo recently predicted a rebound for Bitcoin, citing a slump in the US dollar’s strength. The institution linked the recent downside with a growing dollar dominance in Q4 2024, and the currency’s reversed trend could signal a change in narrative for Bitcoin and altcoin prices.

Notably, analyst Ali Martinez suggested that Bitcoin must reclaim $93,700 as support for a sustainable upward trajectory. If it does, the prominent market watcher predicted a surge to $110,000.

At the time of writing, Bitcoin trades at $85,885, down 1% today and 9% away from the crucial level.

Ex-American Basketball Player Pippen Sees Bitcoin Crossing $180K: Here’s Why

Mark Brennan
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Ex-American Basketball Player Pippen Sees Bitcoin Crossing $180K: Here’s Why

Scottie Pippen, an American former basketball player turned Bitcoin evangelist, expects BTC to hit greater heights in the current cycle.

His recent prediction comes as several leading market analysts suggest the Bitcoin bull run might have ended. For instance, CryptoQuant CEO Ki Young Ju, who had previously insisted that the bull run remains intact, recently switched his sentiments, asserting that on-chain metrics indicate the run is over.

In his latest disclosure, Pippen shared a daily BTC chart comparing the previous bill run from 2020 to the current one. Interestingly, data from the chart confirms that Bitcoin has been following the trajectory from the 2020 market uptrend.

Bitcoin Following 2020 Trajectory

Particularly, after consolidating at $9,000 between June and July 2020, Bitcoin observed an impressive price explosion in late July. This helped it breach the $10,000 resistance to reach a peak above $12,000. However, the crypto firstborn faced resistance at this top, consolidated for a few weeks, and then collapsed in September 2020 to below $10,000.

This bearish turn of events persisted for multiple weeks, with some suggesting that the bull run might have ended. Interestingly, an impressive run from late October set things back in motion. This allowed BTC to push toward greater heights, sustaining the rally for another year until the $69,000 ATH in November 2021. 

Pippen’s chart shows the former basketball small forward expects this pattern to repeat. “I know a thing or two about history repeating itself,” Pippen quipped in his disclosure on X.

Bitcoin Following 2020 Trajectory Scottie Pippen
Bitcoin Following 2020 Trajectory | Scottie Pippen

The chart indicates that Bitcoin saw its initial surge when it rallied from November 2024 to January 2025, hitting a new peak above $109K. This is comparative to the massive run the asset observed from July to August 2020. Now, the current pullback and consolidation resemble Bitcoin’s struggles from September to October 2020.

If the asset continues to follow this trajectory from 2020, Pippen’s chart predicts it could face a few more weeks of range-bound movements. However, it predicts a gradual recovery campaign from July 2025, which would see Bitcoin eventually transcend the previous ATH of $109K.

Bitcoin to $180K: Other Industry Leaders Agree

While the former American basketballer failed to provide any definite price targets, his chart suggests a possible run beyond $180K. Interestingly, last November, when BTC had yet to cross the $100K milestone, VanEck’s Matthew Sigel predicted that the asset could reach $180K. He also asserted that BTC was following its 2020 trajectory. 

Also, in December 2024, controversial Messari founder Ryan Selkis projected that Bitcoin might cross $180K. In his remarks, he revealed that he would not “think about” selling his Bitcoin holdings until the premier crypto asset reached $180K. 

Meanwhile, at press time, Bitcoin currently changes hands at $85,743, up 3% over the past 24 hours. Pippen is not the only one who thinks the bull run is still intact. Market veteran Gert van Lagen believes BTC could sustain the bull run from here, recently setting a higher $300K target from an inverse head and shoulders pattern.

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Ripple CEO Reveals Why Ripple Has Not Dropped Its Cross-Appeal Against SEC 

Lele Jima
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Ripple CEO Reveals Why Ripple Has Not Dropped Its Cross-Appeal Against SEC 

Following the SEC’s decision to drop its case against Ripple, the company has revealed its consideration regarding its cross-appeal. 

Ripple recorded a major victory yesterday after Garlinghouse, the company’s CEO, declared that the SEC has agreed to drop its appeal.

Although the decision still requires the commission’s approval, it marks the end of a multi-year lawsuit that has negatively impacted the company’s operations in the U.S. 

Recall that Ripple also filed a cross-appeal weeks after the SEC challenged Judge Analisa Torres’ decision. While the SEC has agreed to drop its appeal, Ripple has not made a decision on its cross-appeal.

Why Ripple’s Cross-Appeal Is Still Pending

Speaking in an interview with Bloomberg, Ripple’s CEO provided insight into what is causing the delay. He suggested that the $125 million fine and ‘other pieces’ of Judge Torres’ decision are major points of contention.

It should be recalled that Judge Torres ordered Ripple to pay a $125 million fine for violating federal securities laws and imposed a permanent injunction against the company’s future sales to institutions. 

During the interview, Garlinghouse noted that he had ‘walked away’ from the $125 million fine before the SEC appealed and before President Trump appointed several pro-crypto policymakers, such as Paul Atkins and David Sacks. 

However, under the current pro-crypto SEC leadership, he now has different reasoning. He emphasized that the case should not have been initiated in the first place, noting that the regulator also shared this sentiment. 

While he acknowledged that the case presented a clear legal victory in establishing that XRP is not a security, he still thinks some aspects of the lawsuit–the fine and permanent injunction–require ‘clean up.” 

Ripple at Crossroads 

Interestingly, Ripple’s CEO pointed out that the company is at a crossroads. He noted that the company must now decide whether to continue its cross-appeal to resolve the remaining issues or reach an agreement with the SEC to ‘drop everything,’ including the $125 million fine and permanent injunction. 

Notably, Ripple has already complied in part with Judge Torres’ decision by paying the $125 million fine, which is currently held in escrow. In the interview, Garlinghouse suggested that Ripple does not mind recovering the money.

“We would not mind having that back,” the Ripple CEO remarked. 

Top Lawyer Says Ripple Could Drop Cross-Appeal for a Reduced Fine 

Meanwhile, pro-crypto lawyer Fred Rispoli expressed shock at the SEC’s decision to drop its appeal against Ripple without requiring the company to dismiss its cross-appeal first. 

However, he speculated that the parties may have reached an agreement that would require Ripple to drop its cross-appeal in exchange for a reduced fine. Attorney Rispoli did not mention anything about the permanent injunction Judge Torres ordered alongside the $125 million fine. 

It remains to be seen whether the parties will reach an agreement to drop everything relating to Judge Torres’ civil penalty.

Here Are XRP Price Predictions from Top Crypto Executives, Forecasting XRP to Reach $5 to $1,000

Abdulkarim Abdulwahab
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Here Are XRP Price Predictions from Top Crypto Executives, Forecasting XRP to Reach $5 to $1,000

Leading executives and experts from various sectors have offered bold predictions for the future price of XRP, suggesting between $5 and up to $1000.

They cite Ripple’s progress, potential regulatory changes, and increased adoption as key drivers for the cryptocurrency’s growth.

XRP Predictions by B2BinPay, XTB, and Bitget Executives

Arthur Azizov, CEO of B2BinPay, is optimistic about XRP’s trajectory. He forecasted a price range of $5 to $7 in the first half of 2025. He attributes this expected surge to XRP’s strong post-election momentum and Ripple’s strides in becoming a key player in the global payment industry.

Hani Abuagla, an analyst at XTB, provides a broader range of predictions for XRP. He suggested that prices could reach anywhere between $100 and a more conservative $5. Abuagla points to regulatory easing under a potential Trump administration and Ripple’s advancements in cross-border payments as reasons behind the optimistic forecasts.

Meanwhile, Ryan Lee of Bitget Research offers a more moderate outlook. Lee expects XRP’s price to range from $1.80 to $8.40, while some optimistic projections push it above $10. He notes that these projections hinge on increased adoption and the resolution of ongoing regulatory hurdles.

XRP to Overtake Ethereum: CryptoLawUS Founder

John Deaton, founder of CryptoLawUS, predicts a transformative future for XRP. He stated that XRP could surpass Ethereum to become the second-largest cryptocurrency. Deaton expresses confidence that the SEC will approve XRP ETFs, following the success of Bitcoin ETFs, which could fuel further price growth.

Forecasts from Other Crypto Executives

Oliver Michel, CEO of Tokentus Investment AG, takes a more aggressive stance. He suggested XRP could surge over 2,000%, potentially surpassing $10 this year. Michel draws from historical patterns, noting XRP’s 4,300% rise in 2017 and an even more remarkable 39,700% spike to its all-time high, hoping for a possible repeat of such gains in this cycle.

Edo Farina, founder of Alpha Lions Academy, compares XRP to Bitcoin’s early days, predicting that $20 could be just the beginning. Farina highlights how early BTC investors may regret selling at $500 when Bitcoin surpassed $100K, suggesting that XRP’s true potential lies well beyond current estimates.

Finally, Matthew Brienen, COO of CryptoCharged, offers a long-term forecast. He argued that XRP could reach anywhere between $100 and $1,000 within the next 5 to 10 years. His optimism stems from XRP’s role in remittance services, providing fast, low-cost global money transfers, which could drive its future market value.

With such diverse predictions from top executives and analysts, the future of XRP remains uncertain. Yet, the prevailing sentiment is that many see significant upside potential for this cryptocurrency. Whether or not these predictions come to fruition remains uncertain and will depend on various factors.

Wells Fargo Sees Bitcoin Price Flipping Bullish Soon

Okoya David
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Wells Fargo Sees Bitcoin Price Flipping Bullish Soon

Wells Fargo suggests that Bitcoin may soon see clearer skies, pointing to the relationship between the leading digital asset and dollar strength.

2025 has not been the year that Bitcoin and crypto proponents imagined. Instead of sustained market euphoria driven by a pro-crypto U.S. administration, prices have fallen off a cliff as uncertainty hits a peak.

Amid these market conditions, Wells Fargo, one of the largest banks in the U.S., has suggested that Bitcoin’s bad fortunes may be on the verge of a change. Yet, there may still be reasons for caution.

Wells Fargo Points to the DXY

Wells Fargo has suggested that Bitcoin may soon see clearer skies, pointing to the relationship between the leading digital asset and dollar strength.

Specifically, an excerpt of a recent report from the bank shared by VanEck Head of Digital Assets Research Matt Sigel on Wednesday reveals that Bitcoin has a strong 10-week lagging inverse correlation with the DXY. This index tracks the dollar’s performance against six major currencies.

Exploring this relationship, Wells Fargo argues that Bitcoin’s 25% slump from this year’s highs can be linked to dollar strength in Q4 2024, which saw the index surge nearly 10% from 100.418 on September 30 to a high of 110.176 on January 13.

But the DXY has been in a free fall since hitting that high. Specifically, it has fallen over 6% to as low as 103.197. As such, Wells Fargo suggests that things may soon begin to look up for the digital asset.

Meanwhile, Wells Fargo is not alone in this view. On March 7, Head of Research at Global Macro Investor Julien Bittel highlighted that similar DXY drops had preceded massive Bitcoin moves to the upside within months.

However, current market dynamics suggest that things may no longer be as straightforward.

Shifting Global Tides and How it Impacts Bitcoin

The simple reason Bitcoin falls when the dollar strengthens is that the dollar has long functioned as a safe haven. In times of uncertainty, it sees increased demand as investors flee risk assets like crypto for the safety of guaranteed U.S. treasury yields.

In this analogy, the dollar tends to weaken during times of economic growth and expansion when investors are more willing to take risks.

In the latest instance, however, the dollar is weakening amid uncertainty. Instead of strengthening the dollar as expected, President Donald Trump’s tariff policies have raised concerns about economic growth.

At the same time, Trump’s alienation of the U.S. allies through his stance on several geopolitical issues has raised real fears about the dollar’s continued stance as the world’s reserve currency.

All of these raise the question of whether the inverse correlation between Bitcoin and the DXY will still hold. 

One potential way this can happen is for the Federal Reserve to speed up its interest rate cut timeline to stave off growth concerns, but inflation remains far from its target of 2%, making it a tough call.

Bitcoin Bull Michael Saylor Asks Turkey to “TRY BTC” as Lira Tanks 83% Against USD

Abdulkarim Abdulwahab
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Bitcoin Bull Michael Saylor Asks Turkey to “TRY BTC” as Lira Tanks 83% Against USD

Renowned Bitcoin evangelist Michael Saylor has subtly urged the government of Turkey to consider adopting a Bitcoin strategy to address the declining national currency.

Saylor made this suggestion in a tweet today. He highlighted how the Turkish Lira (TRY) continues its steep decline against the U.S. dollar. The accompanying chart shows the USD/TRY exchange rate reaching 38.00 after the dollar gained 3.73% against the Lira in the past day.

Notably, the chart reveals that the Lira has been on a long-term downtrend against the dollar since at least 2021. According to data from TradingView, TRY has tanked 83% against USD in the last five years. This reflects ongoing economic struggles and inflationary pressures in Turkey.

“TRY Bitcoin”

Meanwhile, MicroStrategy founder Michael Saylor responded to this development with a simple but telling message: “TRY BTC.” His post suggests that Bitcoin could be a viable hedge against failing fiat currencies.

Saylor has repeatedly argued that Bitcoin is a superior store of value for countries like Turkey with high inflation and currency instability. In earlier tweets, he made more direct suggestions regarding Bitcoin for Turkey. According to him, “Bitcoin is hope” for Turkey’s inflation struggles.

“If you reside in Turkey, your best wealth preservation strategy is Bitcoin,” Saylor said in the tweet.

BTC as Wealth Preservation

In recent times, Saylor has been more aggressive in his campaign for Bitcoin as a tool for wealth preservation. He emphasized the need for countries to hold it as part of their reserves.

Speaking at the Bitcoin Policy Institute forum, Saylor outlined the importance of Bitcoin for the United States’ future. He views strategic Bitcoin reserves as a key element in securing the U.S.’s digital supremacy in the 21st century.

Saylor suggested that Bitcoin could generate $10 trillion annually for the U.S. economy if treated as a strategic reserve, similar to real estate that’s rented, developed, or leveraged.

He projects that Bitcoin’s market value could reach $280 trillion in 20 years. In parallel, the U.S. government’s $17 billion Bitcoin could be worth anywhere from $3 trillion. Far into the future, he expects it to be worth $106 trillion for the United States.

BlackRock Says Bitcoin Price Will Soon Match Growing Institutional Adoption

Elendu Benedict
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BlackRock Says Bitcoin Price Will Soon Match Growing Institutional Adoption

BlackRock’s head of digital assets, Robbie Mitchnick, has suggested that Bitcoin’s price will soon match up with growing institutional adoption.

Speaking at Yahoo Finance on Wednesday, Mitchinck pointed out that Bitcoin remains 15% above its early November prices despite the recent downsides. Furthermore, he emphasized that Bitcoin’s recent price action has not reflected its massive institutional adoption, suggesting an imminent exponential growth to echo this bullishness.

Meanwhile, Bitcoin’s downsides come despite bullish propellants from the United States. For perspective, President Donald Trump recently signed an executive order to create a much-anticipated US Strategic Bitcoin Reserve.

While market observers expected this to spur a meteoric surge in Bitcoin’s price, the pioneering cryptocurrency has retraced substantially since then. Mitchnick suggested there were premature expectations of the effect of these bullish catalysts on the market, hence the delayed gratification.

ETF Outflows a Result of Hedge Funds Unwinding

Meanwhile, the BlackRock executive identified the prominent asset manager’s blossoming efforts to attract institutions and wealth managers to its Bitcoin product. He acknowledged that the company has made significant progress in this ploy, and the recent downturn has not abated its efforts.

Notably, the recent filings disclosed several institutional exposures to BlackRock’s iShares Bitcoin Trust (IBIT). Firms like Barclays, JPMorgan, and Avenir Group revealed that they were holding a lump sum of the investment vehicle tracking Bitcoin’s price.

Furthermore, Mitchnick noted that the “moderate” Bitcoin spot exchange-traded funds (ETFs) outflows emanated from hedge funds’ unwinding of the spot-futures arbitrage trades. He clarified that the long-term investors still hold on to their stash.

Recession Could Trigger Bitcoin Adoption

When asked about why Bitcoin has not held its own in the face of the global market uncertainties as gold has, Mitchnick noted that the asset’s long-term fundamentals suggest it should be inversely correlated with risk factors.

However, he termed the asset’s recent correlation spike with economic risk factors “self-inflicted,” as certain industry commentaries continue to classify Bitcoin as a risk-on asset. Meanwhile, he insisted that its intrinsic qualities would prove true in the long term, and the asset would soon match its growing reputation as digital gold.

Notably, this comparison comes as gold surged to new all-time highs amid global market uncertainties while Bitcoin struggled to sustain bullish momentum. Moreover, Bloomberg’s senior ETF analyst recently defended the asset’s decline in the face of the US stock and bond crash.

Mitchnick also suggested that a recession would be a big catalyst for Bitcoin. He highlighted certain features of a market depression that favor the asset’s characteristics, including increased fiscal spending, lower interest rates, monetary stimulus, and fears of general social disorder.

SEC vs. Ripple Case Finally Ends as SEC Drops Its Appeal

Sam Wisdom Raphael
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SEC vs. Ripple Case Finally Ends as SEC Drops Its Appeal

The SEC vs. Ripple legal battle has officially come to an end, as the U.S. SEC drops its appeal.

The U.S. Securities and Exchange Commission (SEC) has officially dropped its appeal in its long-running lawsuit against Ripple, marking the end of a four-year legal battle. Ripple CEO Brad Garlinghouse broke the news, calling it a major victory for the company and the entire crypto industry.

Ripple CEO Calls It a Long-Overdue Surrender

In a broadcast message, Garlinghouse stated that from the very beginning, Ripple believed it was on the right side of both the law and history. He argued that the lawsuit was never about protecting investors but was part of a broader attack on the crypto industry.

He described the case as an attempt to intimidate and weaken the industry through legal pressure. According to him, the SEC’s actions led to massive financial losses, with the lawsuit wiping out $15 billion in market value. He also accused the agency of trying to manipulate the market rather than seeking justice.

Throughout the case, Ripple won several key legal victories. Garlinghouse pointed out that the judge had criticized the SEC multiple times, including rebuking the agency for failing to follow the law. The SEC was also sanctioned for misconduct during the discovery process, further weakening its position.

Most importantly, Ripple successfully argued that XRP is not a security, as ruled by Judge Analisa Torres in July 2023. This ruling now sets a legal precedent that could impact future crypto-related cases.

What Next?

With the SEC dropping its appeal, Ripple is now in control of its next steps. Chief Legal Officer Stuart Alderoty stated that the company will evaluate whether to proceed with its own cross-appeal. 

The primary issue left unresolved is a $125 million fine and a permanent injunction on Ripple’s institutional sales.

Attorney Jeremy Hogan outlined four possible outcomes:

  1. Ripple could continue its appeal, which might lead to a court ruling clarifying the legal definition of investment contracts.
  2. Ripple might drop its appeal, returning the case to the trial court for potential amendments to the judgment.
  3. Both parties could settle privately without modifying the ruling and Ripple could drop its appeal.
  4. Ripple could simply pay the fine and move on.

The End of the “War on Crypto”?

Garlinghouse framed the SEC’s decision as a sign that the agency’s aggressive stance against crypto is coming to an end. Interestingly, before now, the new SEC leadership had also dropped cases and investigations against other crypto firms, including Coinbase, Consensys, OpenSea, and others.

The Ripple CEO suggested that forces within the former administration had worked to suppress the industry by restricting access to banking services. He described the lawsuit as “lawfare,” a campaign designed to legally terrorize crypto companies into submission.

However, he believes that Ripple’s victory has set the stage for the industry to fight back. He called on crypto companies to stand together, learn from Ripple’s legal playbook, and push for fairer regulations. 

He also expressed hope that new leadership in the U.S. government would take a more constructive approach to crypto policy. For context, the new Donald Trump administration has taken steps to ensure the regulatory antagonism ends.

Following Garlinghouse’s disclosure, XRP soared to $2.57, securing a 14.59% gain in the last 24 hours. This placed the token among the top 5 gainers over the past day. However, the uptrend has lost steam at press time, with XRP now trading for $2.5. Analyst Dom had suggested XRP might not pump hard after the case resolves.

XRP Among Top 5 Gainers CoinMarketCap
XRP Among Top 5 Gainers | CoinMarketCap
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