Ripple CEO Says SEC XRP Case Over After Judge’s Split Ruling and Appeal Drop

Context The SEC sued Ripple in December 2020, alleging $1.3 billion of XRP sales violated securities law. In July 2023 Judge Analisa Torres issued a split ruling: institutional XRP sales were deemed securities transactions, while programmatic sales on public exchanges were not. The SEC initially signaled an appeal but withdrew it in March 2025.

Key Facts - Garlinghouse announced the case is over (quote). - The SEC’s appeal drop triggered a 10% XRP rise to $2.55 (statistic). - Judge Torres found programmatic exchange sales are not securities, but institutional sales remain securities (fact).

What It Means The ruling clarifies that retail‑style XRP trades can proceed without registration, lowering compliance costs for exchanges and potentially widening retail access. Institutional sales, however, still require securities‑law adherence, which may limit bank adoption until further guidance. XRP’s market cap now sits near $130 billion, about a fifth of Bitcoin’s $600 billion valuation, showing the token’s relative size after the rally. The earlier $125 million penalty Ripple paid as part of the resolution remains a cost offset against any future gains.

What to watch next Monitor SEC statements on institutional crypto transactions and any moves by banks to integrate XRP for cross‑border payments.