XRP surged in price following Ripple CEO Brad Garlinghouse’s statement that the U.S. Securities and Exchange Commission (SEC) is dropping its lawsuit against the blockchain company. This development marks a significant victory for Ripple in its long-running legal battle with the SEC, which had accused the firm of selling unregistered securities.

The lawsuit, which began in December 2020, had cast uncertainty over XRP’s regulatory status and its adoption in financial markets. However, with the SEC reportedly dropping the case, investor confidence has been reignited, fueling a sharp rise in XRP’s value. The news comes after Ripple had already secured partial legal victories in 2023 when a court ruled that XRP was not necessarily a security when sold on exchanges.

Garlinghouse took to social media to express his satisfaction, calling it a win not just for Ripple but for the entire crypto industry. He emphasized that regulatory clarity is crucial for innovation and the broader adoption of blockchain technology.

Crypto analysts predict that this legal breakthrough could pave the way for XRP’s increased adoption in cross-border payments and institutional finance. Meanwhile, the broader cryptocurrency market reacted positively, with other digital assets also seeing an uptick in value.

As the regulatory landscape for crypto evolves, Ripple’s victory against the SEC sets a potential precedent for other crypto projects facing legal scrutiny. With the lawsuit seemingly behind them, Ripple now looks forward to expanding its business and partnerships worldwide.