Ripple wins: XRP winks at bulls with sharp rally
XRP price jumps 26% as Ripple-SEC litigation nears final stage with no sign XRP will be classified as a security The XRP price jumped 26% as a federal judge in New York neared the end of a three-year securities lawsuit against Ripple Labs.
XRP price jumps 26% as Ripple-SEC lawsuit nears final stage, with no sign XRP will be classified as a security
XRP price jumped 26% as a federal judge in New York neared the end of a three-year securities lawsuit against Ripple Labs. Executives are calling the case a âvictoryâ for the industry.
On August 7, a judge ordered Ripple Labs to pay a $125 million fine and said the firm was âpermanently enjoined and prohibitedâ from violating U.S. securities laws in a lawsuit filed by the Securities and Exchange Commission (SEC).
This brings Rippleâs lawsuit against the SEC to its final stages, having been filed since the regulator first filed the lawsuit in December 2020. XRP rose 26% to $0.63 following the news, largely recouping the August 5 drop, according to CoinMarketCap data.
âThe outcome of the lawsuit is a victory for the industry and the rule of law. The SECâs negativity towards the entire XRP community is gone,â Ripple Labs CEO Brad Garlinghouse said in an X post shortly after. âThe SECâs lopsided campaign against us is finally over. Letâs all hope this ends this Administrationâs war on crypto,â Ripple Labs co-founder Chris Larsen added. âOverall, a big win for Ripple. While I was surprised by the $125 million fine, Ripple managed to win this just by the price action in XRP in the last 5 minutes,â crypto attorney and Hodl Law founder Fred Rispoli wrote in an X post on Aug. 7.