The U.S. Securities and Exchange Commission (SEC)’s long-running case against Ripple Labs officially came to a close, marking another win for the XRP issuer on Thursday.

Both parties jointly filed a dismissal of their appeals with the U.S. Court of Appeals for the Second Circuit – something that dismisses all appeals related to the lawsuit, marking the conclusion of a legal battle that began in December 2020.

The case involved allegations by the SEC that Ripple sold XRP as an unregistered security. A 2023 federal court ruling found that XRP sales on public exchanges were not securities, but some institutional sales were.

This story is an excerpt from the Unchained Daily newsletter.

Ripple had already placed in escrow the $125 million fine it was required to pay as a final settlement. Now that both appeals have been dropped, the settlement will be considered complete and the funds transferred to the SEC.

“The end…and now back to business,” said Ripple’s chief legal officer Stuart Alderoty on X.

Ripple’s native token XRP rallied 11% on the news, hitting an intraday high of $3.38 late on Thursday.