Strong rise in XRP: Ripple's SEC penalty announced
The final decision was announced in the case, which has been going on for nearly four years. The sale of XRP on exchanges has been considered legal. The Ripple company, on the other hand, was fined $125 million from the lawsuit for corporate sales.
The final decision between Ripple, the company behind XRP, and the U.S. Securities and Exchange Commission (SEC), which has been ongoing since December 2020, has been announced. Accordingly, the court ruled that XRP's sales through cryptocurrency exchanges were legal. On the other hand, corporate sales were considered as investment contracts.
On the other hand, Ripple was fined $125 million. The SEC initially demanded a $2 billion fine from the court, which was reduced to $102 million. Ripple, on the other hand, offered to pay only 10 million dollars.
The price of XRP, on the other hand, started to rise after the penalty was determined and the decision was finalized. The cryptocurrency was traded at $0.50, up about 8 percent in minutes to $0.54.
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