Ripple Withdraws Cross Appeal as SEC Vote Now Holds Key to Final Case Closure

Ripple drops its cross appeal as the SEC vote becomes the final step toward ending the years-long legal standoff.

Fridah Kangai
June 29, 2025
11:23 am

Fridah Kangai

Fridah Kangai is a dedicated crypto journalist with a sharp eye for market trends, blockchain innovation, and digital asset movements. She specializes in breaking down complex topics into clear, engaging stories for both seasoned investors and curious newcomers. With a passion for decentralization and a pulse on the ever-evolving crypto space, Fridah delivers timely, accurate, and insightful coverage. Her work bridges the gap between technology and everyday understanding in the world of cryptocurrency.

Ripple officially pulls its cross appeal, pushing the SEC to finalize its decision through a commissioner vote.
Judge Torres previously rejected the settlement deal, keeping the injunction against Ripple in place.
XRP price spikes to $2.15 after the legal update, as the 2023 ruling on retail sales remains unchanged.

Ripple has officially withdrawn its cross-appeal in its legal battle with the U.S. Securities and Exchange Commission (SEC), signaling a significant step toward concluding the long-running case. The action follows a joint request by both parties to have a proposed settlement of the case in which the Federal judge, who has declined the proposal, would cut the fine imposed against Ripple to $50 million.

It is predicted now that the SEC will dismiss its own appeal, but a commissioner vote still has to be made. A previous vote that sanctioned the proposed settlement, as argued by former SEC official Marc Fagel, did not permit termination of the whole case, ascertained by a source close to the matter. Now, the SEC must hold a distinct vote to formally close the litigation.

To be slightly more clear: The SEC still has to vote to drop their appeal in order for this to be completely over. But they 100% will do so.
— Marc Fagel (@Marc_Fagel) June 27, 2025

Legal experts say Ripple’s announcement appears not to have been done by chance. According to attorney Fred Rispoli, Ripple was able to change its appeal within a day after Judge Analisa Torres passed her final verdict. This shows that Ripple and the SEC must have settled down before the court ruling, implying that whatever was remaining was done in advance.

So, the fact that Ripple was ready with this decision less than a day from the Torres ruling means it at least heavily planned for this scenario, discussed it with the SEC, and made whatever agreements/discussions necessary for moving forward.

Thank heavens this is over! https://t.co/4gX0pIgyWj
— Fred Rispoli (@freddyriz) June 28, 2025

Injunction Remains Despite Withdrawal of Appeal

Nevertheless, the injunction against Ripple still holds, although the case is about to end. Fagel observed that Ripple should remain cautious on the issue of institutional sales of XRP, particularly where third parties will channel it. Although the current SEC enforcement pattern appears contradictory, such transactions are at legal risk in case they breach securities laws.

Significantly, a 2023 decision that stated that the sale of XRP on exchanges is not securities remains intact. This has brought much-needed clarity on regulation to retail traders and has been central to building market confidence in XRP. In the wake of the new events, the price of XRP skyrocketed to $2.15, testifying to investors’ optimism regarding the possibility of eliminating legal uncertainty in the future.

Those who comment on X’s legality say the last step of the vote to the SEC is a mere formality. The litigation process has been successfully completed, and proceduralities remain to finalize the case.

Ripple’s move has seen it withdraw its cross-appeal as it nears the conclusion of the ongoing debate between the SEC and the firm. The case will be closed officially after the commission has carried out its vote.

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