The SEC has decided to drop its appeal in its case against Ripple, following a four-year face-off that hit $XRP prices hard – the development marks a significant victory for the fintech firm and the crypto industry as a whole as the new SEC shifts its approach toward regulating digital assets.

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.

Reports last week claimed that the long-standing legal battle between Ripple and the agency was nearing its end. The SEC filed a lawsuit against Ripple in 2020 — during Presiden