The price of the cryptocurrency XRP soared minutes after Brad Garlinghouse, the CEO of Ripple, announced Wednesday morning that the Securities and Exchange Commission intended to drop a long-running lawsuit against the crypto payments company.
XRP, which is closely associated with Ripple, jumped 10% to a high of $2.55 on the news. Bitcoin rose slightly above $84,000 before dipping after the news broke. “I’m finally able to announce that this case is over,” Garlinghouse said in a video posted on X, scored to orchestral music. “It’s over.”
