XRP experienced a 3.36% increase in price following Ripple CEO Brad Garlinghouse's announcement that the company will drop its cross-appeal against the US Securities and Exchange Commission (SEC). This decision marks a significant step in Ripple's long-standing legal battle with the SEC, which began in December 2020. Garlinghouse stated that both Ripple and the SEC are expected to conclude their appeals as they close this chapter and refocus on developing the 'internet of Value.' Although XRP's price has surged, it remains down 4.44% over the past 30 days. The legal dispute involved allegations that XRP was sold as an unregistered security. If the SEC drops its appeal, it could potentially end the four-year legal struggle, allowing Ripple to operate with more regulatory clarity moving forward. The company aims to shift its focus back to business and innovation in the crypto space.

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