Ripple Chief Executive Brad Garlinghouse said the Securities and Exchange Commission will drop its appeal of a earlier ruling. (Nathan Laine/Bloomberg News)

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.

In October, the SEC appealed a court decision that Ripple’s sales of the XRP cryptocurrency over exchanges didn’t have to comply with investor-protection laws.

A Ripple spokeswoman confirmed that the SEC will drop its appeal against the company, subject to a commission vote and approval. XRP recently traded around $2.50, up 11% from its level 24 hours ago, according to CoinDesk data.