The U.S. Securities and Exchange Commission (SEC) has announced it will drop its appeal in the long-running legal battle against Ripple Labs, which has effectively ending the case. This major decision comes after  Ripple made some gains in 2023, when a judge ruled that XRP was not a security in secondary market sales, though it violated securities laws in institutional sales.

Case Background: The SEC filed the lawsuit way back in december 2020, by stating that Ripple and its executives conducted an unregistered securities offering by selling the XRP tokens. The case has been one of the most significantand prominent legal battle in the crypto industry.

Partial Victory in 2023: In July 2023,the U.S. District Judge Analisa Torres ruled that Ripple's sales of XRP in the open market were actually not a securities offering, but the company was fined $125 million for sales to institutional investors.

SEC's Appeal: As expected, the SEC went ahead & filed a notice of appeal following this initial 2023 ruling. After almost 2 years, it has now decided to drop the appeal, there by signaling a shift in the regulator's approach to crypto oversight.

Market Impact: The news of the SEC dropping the appeal has led to a significant surge in XRP's price, with the token rising by about 10% to around $2.55. in a few hours. 

Future Implications: The end of this lawsuit could show the way for clearer regulatory guidelines and also potentially increase the chances of an XRP exchange-traded fund (ETF) being approved by the SEC. These are still speculations and there is not official news to this effect. 

Ripple's Stance: Ripple CEO Brad Garlinghouse has hailed the decision as a "resounding victory" for Ripple and the broader over all crypto industry, criticizing the SEC's approach under former Chairman Gary Gensler and calling the regulator a "market manipulator"!

Other juicy Speculation and Rumors:

Settlement Terms: There are rumors that Ripple is negotiating with the SEC to reduce the $125 million fine and lift the injunction preventing the company from selling XRP to institutional investors.

Ripple IPO: Some analysts speculate that Ripple may go public, which could further boost XRP's price to as high as $10. Maybe it's time to stock up on this?!

Price Predictions: Analysts are divided on the potential price impact. Some predict a significant rally, with XRP potentially reaching $7 in the near future within weeks, while others believe the market may have already factored in the lawsuit's outcome. The initial brief jump in price has not been sustained though it's too early to contemplate on that. 

Do you think this signals a change in regulatory laws and appeals for the cryptocurrency industry? Let me know your thoughts.