😱🚀🚀Victory belongs to Ripple: XRP winked at the bulls with its sharp rise
The #XRP price has jumped 26% as the lawsuit between Ripple and the SEC nears its final stages, with no signs that XRP will be classified as a security.
The $XRP price has jumped 26% as a federal hearing in New York nears the end of a three-year securities lawsuit against Ripple Labs. Executives are calling the case a “victory” for the industry.
On August 7, a judge ordered Ripple Labs to pay a $125 million fine, saying the firm was “permanently barred and prohibited” from violating U.S. securities laws in a lawsuit filed by the Securities and Exchange Commission (SEC).
The high praise for Ripple (XRP) from the authorities brings the lawsuit, which has been filed with the SEC since Ripple first filed a regulated lawsuit in December 2020, to its final stages. According to CoinMarketCap performance, XRP rose 26 percent on the news, trading at 0.63, a much faster pace than the August 5th breakout.
“The outcome of the lawsuit is a victory for the industry and the legal community. The SEC’s entire XRP-bashing negativity is gone,” Ripple Labs CEO Brad Garlinghouse said in an X post shortly after. “The SEC’s lopsided campaign against us is over. Let’s all hope this ends this Administration’s war on crypto,” Ripple Labs co-founder Chris Larsen added.
“Overall, a big win for Ripple. While I was surprised by the $125 million fine, Ripple managed to win this in just 5 minutes with the price action in XRP,” crypto lawyer and Hodl Law founder Fred Rispoli wrote in an X post on August 7.
