XRP has secured the third slot among the largest cryptocurrencies after racing ahead of USDT as the SEC dropped charges against Ripple.

BANGKOK (AP) — The price of XRP jumped more than 8% Thursday after the CEO of cryptocurrency company Ripple said U.S. regulators have dropped its four-year-old case against the company. The Securities and Exchange Commission sued Ripple and two of its executives in late 2020 after they raised $1.4 billion by selling XRP crypto coins.

The SEC has ended its yearslong case and appeal against the cryptocurrency firm Ripple Labs, whose CEO has ties to the White House, the CEO said Wednesday.