U.S. SEC Asked Judge to Dismiss Case against Ripple co-founder and CEO

According to multiple sources, the exhausting multi-year lawsuit against Ripple (XRP) has been permanently dropped, putting a stop to future legal action. But, the U.S. Securities and Exchange Commission, SEC, is still considering other plans of pursuing Ripple.

Rather than continuing a long-running, grueling legal battle for both sides, the SEC and Ripple are now reportedly cooperating by filing the motion with intention to hold bilateral briefings on the issue at hand in the case and what remedies the SEC should impose on Ripple for "violations of Section 5 with respect to institutional sales of XRP."

"This is not a settlement. This is capitulation," wrote Stuart Alderoti, the company's chief legal officer, in his tweet. On the news, XRP is soaring 7.4% as of European noon to reach $0.518107.