Ripple to Drop Cross-Appeal, SEC Expected to Do The Same

• Ripple is set to drop its cross-appeal, while the SEC is also expected to abandon its appeal.
• XRP rose to $2.19, gaining 4.63% and experiencing stronger market activity as of June 28.
• XRP may climb near $3.50 based on past rallies after positive legal outcomes.

Ripple Labs has officially decided to withdraw its cross-appeal against the U.S. Securities and Exchange Commission, marking a turning point in the multi-year legal battle over XRP’s status. On June 28, CEO Brad Garlinghouse announced the decision on X, stating the firm is “closing this chapter once and for all,” while also noting that the SEC is expected to withdraw its own appeal. 

This announcement comes shortly after a New York federal judge blocked their joint attempt to settle the case for $50 million, a move that had aimed to end the litigation through reduced penalties and the removal of an injunction.

Legal Chapter Nears End After Judge Rejects $50M Deal

Ripple’s cross-appeal was filed in January 2025 in response to the SEC’s earlier appeal following the July 2023 judgment. That judgment, delivered by U.S. District Judge Analisa Torres, concluded that XRP was not a security in itself, although Ripple had breached securities law during institutional sales. Ripple was fined $125 million, and the case has remained open due to both parties challenging parts of the ruling.

In May 2025, a new SEC leadership proposed a reduced $50 million civil penalty and an end to the injunction. However, Judge Torres declined the proposal, stating that the permanent injunction should remain in place. This rejection prompted Ripple to fully back out from further appeals, according to Garlinghouse, who reaffirmed that the company will now focus on “building the Internet of Value.”

Ripple’s legal chief, reiterated that the judgment’s key declaration—that XRP is not a security—remains legally binding. He assured the market that nothing about the asset’s regulatory status has changed as a result of the settlement denial. This provided a degree of stability amid recent legal uncertainty.

XRP Market Reacts as Price Climbs Beyond $2.19

Following Garlinghouse’s announcement and confirmation of the case’s resolution, XRP rallied sharply. According to data on June 28, the token surged 4.63% in 24 hours to trade at $2.19. The market cap grew by 4.83% to reach $129.26 billion, with XRP maintaining its position as the fourth-largest digital asset.

Trading volume dropped by 3.79% over the same period, totaling $3.11 billion. XRP’s fully diluted valuation now sits at $219.06 billion, while the circulating supply stands at 59 billion tokens out of a total cap of 100 billion. 

The volume-to-market cap ratio is 2.34% over a 24-hour period, indicating substantial liquidity. Regarding the profile engagement scores, XRP stands at 65%, indicating that user interest and activity are relatively high and steady. Investors are holding onto the possibility of long-term use and growth as the legal pressure begins to subside.

Related: Judge Rejects Ripple-SEC Deal, XRP’s Legal Battle Continues

Could XRP Reach $3.50 After Case Closure?

With the legal overhang near resolution, traders and analysts have speculated about XRP’s next price target. The resolution of legal issues could be a key catalyst for upward momentum, as shown by the price surge following XRP’s partial court victory in 2023.

Based on this prior performance and improved sentiment, XRP could rally toward the $3.00 to $3.50 range in the coming weeks or months. The question now is whether this anticipated bullish momentum will sustain and carry XRP toward its previous highs or even further, as regulatory clarity increases.

Ripple prioritizes strategic growth with a long-term focus on the adoption of the network. The resolution of the case may now give the company new momentum for significant investment in infrastructure, along with potential use cases for the token.

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