🚀 XRP up 26% as Ripple hails $125,000,000 penalty as victory
XRP's price has surged 26% to $0.63 following a pivotal development in the Ripple Labs vs. SEC case. On August 7, a New York federal judge ordered Ripple Labs to pay a $125 million civil penalty but stopped short of classifying XRP as a security, signaling a potential end to the three-year legal battle. ⚖
Ripple’s Victory:
Ripple Labs CEO Brad Garlinghouse celebrated the decision as a win for Ripple, the broader crypto industry, and the rule of law.
Co-founder Chris Larsen echoed this sentiment, expressing relief at the end of what he termed the SEC’s “war on crypto.”
Ripple’s penalty, though hefty, seems to have been overshadowed by XRP’s price rally, with the token up 44.88% over the past 30 days. 📈
Market Reaction:
The XRP price jumped from $0.50 to $0.63, erasing losses from recent market downturns.
The surge led to a significant liquidation of short positions, with over $5.4 million worth being wiped out in just four hours. 📊
Community Reaction:
Crypto commentator Fred Rispoli noted that Ripple's penalty was quickly offset by the price movement, calling it a huge win for Ripple.
Enthusiasts like Ripple Van Winkle hailed the end of the lawsuit as the start of a new bullish phase for XRP. 🚀
As Ripple's legal saga nears its conclusion, the XRP market is experiencing renewed optimism and volatility. Stay tuned for further developments as Ripple and its supporters anticipate a bright future. 🌟
