tl;dr
Ripple's chief legal officer Stuart Alderoty announced the company is resuming normal operations after the SEC's legal case against Ripple was dismissed. Ripple, executives Brad Garlinghouse and Chris Larsen jointly filed to dismiss their appeals following a settlement that included a $125 million f...
Stuart Alderoty, chief legal officer at Ripple, announced that the company is "back to business" following the conclusion of the U.S. Securities and Exchange Commission's (SEC) longstanding legal case against Ripple. The SEC and Ripple, along with executives Brad Garlinghouse and Chris Larsen, have jointly filed to dismiss their appeals. This development comes after Ripple agreed to drop its cross-appeal in late June, following Judge Analisa Torres's rejection of a motion to amend her final ruling based on the settlement terms reached in March.
As part of the settlement, Ripple agreed to pay a $125 million civil fine and accepted an injunction prohibiting institutional sales of XRP in the U.S. The community anticipated the SEC would formally notify the U.S. Court of Appeals for the Second Circuit about dropping the case ahead of a mid-August status report deadline.
XRP’s recent price performance has been notable, with its value surging nearly 9% to $3.38 on the Binance exchange—the highest since July 23. From the local bottom of $2.72 on August 3, XRP has climbed over 24%. This rally was largely fueled by enthusiastic buying from South Korean altcoin traders. However, past rallies triggered by legal news have often been short-lived, and market participants remain cautious about sustainability this time around.
Attention now turns to BlackRock, the asset management giant, amid speculation about its intentions regarding a spot XRP ETF. Analyst Nate Geraci suggests BlackRock awaited the SEC's appeal dismissal before making a move. Contrarily, Bloomberg ETF expert Eric Balchunas believes BlackRock's strategy does not hinge on the SEC case resolution, indicating different perspectives within the market on this front.