Notably, Ripple announced it would drop its cross-appeal despite Judge Torres rejecting the settlement terms. If the SEC was willing to withdraw its appeal based on a ruling benefitting Ripple, the agency is unlikely to vote against dropping the appeal without the settlement.
XRP has soared from $2.0692 to a July 11 high of $2.9727 since Ripple announced dropping its cross-appeal. Despite the breakout, the token remains well below its 2018 all-time high of $3.5505 and 2025 high of $3.3999. An official announcement from the SEC that it’s withdrawing the appeal could be the catalyst for XRP to hit new highs.
Crypto Week: CLARITY Act in the Spotlight
While the SEC vs. Ripple case remains the key driver for XRP, legislative developments have also boosted sentiment. On Wednesday, July 9, Ripple CEO Brad Garlinghouse delivered testimony at a Senate Banking Committee’s hearing titled ‘From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets.’ He used the platform to highlight the court rulings from the Ripple case.
Arguing for lawmakers to swiftly pass the Digital Asset Market Clarity (CLARITY) Act, Garlinghouse commented:
“And so, my concern in depending upon an unelected appointee to make those decisions is that it assumes a good faith actor. And I think, what we saw in the most recent SEC was just a war against the industry at large without a consistent application of that law.”
The CLARITY Act aims to create a regulatory framework for digital assets, including clarifying the roles of the SEC and CFTC in regulating the markets. Notably, the bill also prohibits exchanges from commingling customer assets with their own, aimed at preventing another FTX.
