Ripple Labs said on Wednesday the U.S. Securities and Exchange Commission ended its appeal from a court ruling that the regulator's prior chief had said would make it harder to oversee cryptocurrency markets.

The price of the cryptocurrency XRP soared minutes after Brad Garlinghouse, the CEO of Ripple, announced Wednesday morning that the Securities and Exchange Commission intended to drop a long-running lawsuit against the crypto payments company.

Ripple Chief Executive Officer Brad Garlinghouse said the US Securities and Exchange Commission case against the crypto company has ended, the latest of several enforcement actions that have been abandoned during the early weeks of President Donald Trump’s administration.