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Ripple CEO Brad Garlinghouse said in a video shared on his X account that the SEC will drop its appeal in the lawsuit it's been pursuing against the firm for the past four years.
"I'm finally able to announce that this case has ended. It's over," Garlinghouse said in a video shared on his X account.
Ripple, which uses XRP Ledger and the XRP cryptocurrency, got a partial ruling in its favor in 2023, but the SEC filed an appeal seeking to have that decision overturned.
To be clear, the SEC has not yet made an announcement that it will drop its appeal. At the time of writing, XRP has already climbed 12% to $2.51 shortly after Garlinghouse's announcement that the SEC will stop pursuing its lawsuit.
This is breaking news and will be updated.