The post Ripple vs SEC Lawsuit Ends, XRP Price Surges 17% Following Favorable Court Ruling appeared first on Coinpedia Fintech News
After nearly four years of fighting the United States Securities and Exchange Commission (SEC), Ripple Labs, a blockchain payment company, has received much-needed clarity from the court on XRP sales.
On Wednesday, US District Judge Analisa Torres concluded that the SEC’s motion for remedies and the entry for final judgment has been granted and denied in part.
As a result, the court issued a civil penalty of $125,035,150 to Ripple and ordered the company to cease further violation of securities laws.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Judge Torres has issued her Ruling on the SEC’s Motion for Remedies. https://t.co/PV8R1hWtvq
— James K. Filan (@FilanLaw) August 7, 2024
Ripple Community Celebrates
The Ripple and XRP global community has celebrated the final ruling of the lawsuit filed by the US SEC. Furthermore, the court reduced the SEC’s demand by 94 percent, which is a major victory for the Ripple community.
The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company.This is a victory for Ripple, the industry and the rule of law. The SEC’s…
— Brad Garlinghouse (@bgarlinghouse) August 7, 2024
According to Jeremy Hogan, the ruling also brings much-needed clarity for Ripple in terms of On-Demand Liquidity (ODL) usage.
“I think Ripple WILL be able to use its ODL product – it will just have to be careful HOW it does it. But it’s been that way since July last year,” Hogan noted.
XRP Price Ready to Moon
Following the favorable ruling for Ripple, XRP price pumped over 17 percent in the past 24 hours to hover at about 60 cents on Thursday during the early Asian session.
The large-cap altcoin, with a fully diluted valuation of about $60 billion and a daily average traded volume of nearly $4 billion, is on the verge of a major bullish uproar after six years of triangular consolidation.
XRP's market cap has skyrocketed once again, growing by +23% in the past 24 hours. Wallets holding between 1M-10M coins on the XRP Ledger now hold an all-time high 7.06B coins ($4.42B), and the project's social media discussions are at their highest levels since January. pic.twitter.com/QjEzIZGQAJ
— Santiment (@santimentfeed) August 7, 2024
According to on-chain data analysis provided by Santiment, XRP whales and sharks have accelerated their accumulation pace to an all-time high.
Notably, XRPL accounts with a balance of between 1M and 10M XRP coins now hold over 7 billion coins, worth over $4.4 billion.
Impact on Crypto Industry
The final ruling of the SEC vs Ripple case marks a major milestone for the crypto industry, especially in the United States. However, the US SEC had already backed out of major investigations of several altcoins led by Solana (SOL), Cardano (ADA), BNB, and Ethereum (ETH) among others.
The final ruling of the SEC vs Ripple case will trigger further mass adoption of digital assets and web3 products. As a result, the ongoing macro crypto bull run will encompass more players in the long haul.
