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The United States Court of Appeals for the Second Circuit has temporarily paused the appeal in the Ripple case.
The judge, José A. Cabranes, has granted the joint motion made by both the SEC and Ripple that was filed earlier this month.
The SEC will now have to file a status report within two months to update the court on the closely watched case.
As reported by U.Today, Ripple moved to drop its appeal in the case following the departure of SEC Chair Gary Gensler.
The XRP price is down by 2% over the past 24 hours amid a broader crypto market correction. The most recent development had been priced in by the market.