Ripple CEO's "Backstep" Move for SEC Lawsuit! According to Experts, XRP Spot ETFs Are Now Open!

Crypto company Ripple has taken a significant step back in its nearly five-year-long lawsuit with the U.S. Securities and Exchange Commission (SEC). Ripple announced that it has withdrawn its appeal by choosing between the two options presented by the court: "to proceed or to withdraw."

Ripple CEO Brad Garlinghouse announced the decision today on social media platform X, stating that the SEC is also expected to withdraw its own appeal in a similar manner. Garlinghouse said, "We are closing this chapter forever and focusing on what really matters, building the Internet of Value."

This development came immediately after Judge Analisa Torres rejected the conditional settlement proposal submitted by the parties. The proposal in question anticipated the lifting of the preliminary injunction against Ripple and a reduction of the penalties imposed on the company to 50 million dollars. However, Torres noted that the parties failed to justify this change.

If the SEC also withdraws its appeal, Ripple is expected to completely end the case by paying a total fine of 125 million dollars.

Following the development, a limited increase in the XRP price was observed. Market observers indicate that this step could open the door for new investment products. ETFStore President Nate Geraci stated, "The closure of this case paves the way for spot XRP ETFs." Geraci also argued that large investment firms like BlackRock are now in a more advantageous position to step into the XRP market.

There are currently several XRP ETF applications before the SEC. According to Bloomberg analysts, these applications are expected to be approved with a 95% probability by the final decision date in October.

*This is not investment advice.

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