XRP Price Surges Over 10%! SEC's Decision to Drop Appeal Sparks Market Debate!

TradingKey - Ripple's CEO claims the U.S. SEC will drop its appeal against Ripple, but the reality may differ, potentially leading to a pullback in XRP's price.  

On Wednesday evening, Ripple(XRP)'s CEO announced that the U.S. SEC would drop its appeal against Ripple, causing XRP's price to surge over 10% to a high of $2.59, marking its highest level in nearly two weeks. As of press time, XRP is temporarily trading at $2.49.

XRP Price Chart, Source: CoinMarketCap.

Last night, Ripple CEO Brad Garlinghouse posted on X, stating, "The SEC will drop its appeal against Ripple. This is a huge win for XRP and the crypto industry from any angle."

Content Posted by Brad Garlinghouse, Source: X.

It is important to note that Garlinghouse's statement is one-sided. This morning, FOX Business reporter Eleanor Terrett commented, "Judge Torres' ruling on the Ripple case from August last year still stands, meaning Ripple must still pay a $125 million fine."

In other words, Garlinghouse's claimed victory may only be partial. Once the market realizes this, investors might sell XRP during the rebound, potentially causing its price to pull back.