The price of the Ripple-linked XRP token jumped more than 10% Wednesday afternoon after Ripple Chief Executive Brad Garlinghouse said the Securities and Exchange Commission will withdraw its appeal of a previous ruling.

The U.S. Securities and Exchange Commission will drop its appeal against Ripple Labs, the crypto firm's CEO Brad Garlinghouse said in a post on social media platform X. The move would end a legal battle that began in 2020 when the regulator sued the company,

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.