Ripple case settled, XRP price soared 15%
In the financial market on Wednesday, XRP, a cryptocurrency focused on the payment field, ushered in a dramatic moment, and its price soared 15%. Behind this rise, Ripple Labs finally won a ruling from a federal judge after three and a half years of legal tug-of-war-only fine of $125 million, far less than the $1.9 billion previously requested by the U.S. Securities and Exchange Commission SEC.
According to CoinDesk, New York Southern District Court Judge Analisa Torres not only announced the fine decision against Ripple, but also issued an injunction on its possible future violations of securities laws. This decision marks a key progress in this protracted legal battle.
The judge's ruling was based on her ruling last year that Ripple violated federal securities laws when it sold XRP directly to institutional investors, but also determined that Ripple's programmatic sales of XRP to retail customers through exchanges were not illegal. In addition, Judge Torres also warned Ripple that although she did not rule that the company violated the law again after the SEC filed the lawsuit, Ripple may "cross the line" with its "on-demand liquidity" product.
Faced with this ruling, XRP, the cryptocurrency used by Ripple, quickly became the focus of the market, and its price soared 15.53%, becoming the cryptocurrency with the largest increase on the day. This upward momentum is particularly prominent against the backdrop of a downward trend in both BTC and ETH.
XRP's trading volume also surged 171% in the past 24 hours to $4.5 billion, showing investors' optimism about Ripple's future prospects and the market's positive response to this ruling.
The meaning behind it: It is worth noting that Ripple has always been opposed to the huge fines proposed by the SEC. As early as April this year, Ripple objected to the SEC's request for a fine of nearly $2 billion and suggested paying only $10 million in civil penalties. The result of this ruling undoubtedly relieved Ripple of huge financial pressure and provided strong support for the rise in XRP prices.
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