XRP Price Pumps 20% on Ripple/SEC Ruling – Huge Bullish Breakout Incoming?
The XRP (XRP) price has pumped more than 20% on Wednesday to the $0.61 area in wake of the judge presiding over the Ripple Labs/SEC lawsuit issuing a final ruling.
Judge Torres just ruled that Ripple Labs, the creator of XRP, need to pay $125 million in civil penalties are refrain from further violations of securities law, ending a near-four year battle.
Judge Torres has ruled that Ripple, $XRP, must pay $125M in civil penalties and stop any further violations of securities laws, putting an end to the nearly four-year legal battle it fought with the SEC, per FOX.
The SEC had initially requested a penalty of $2B from Ripple.
— unusual_whales (@unusual_whales) August 7, 2024
That’s substantially less than the $2 billion asked for by the SEC. The US regulatory agency had fined Ripple Labs back in 2020 for allegedly issuing XRP as a security.
The final ruling comes after Judge Torres ruled last summer that XRP wasn’t necessarily a security.
This is big news for the XRP market, hence the 20%+ intra-day move.
XRP and Ripple Labs’ global crypto business have been hurt badly in recent years by regulatory uncertainty.
Now the risk of XRP being labelled a security and as good as banned in the USA has been lifted, that should be good for the cryptocurrencies long-term adoption prospects.
The XRP price is currently up over 40% from Monday’s lows around $0.43.
XRP is yet to break above its recent highs. Indeed, crypto markets currently face a major moment of uncertainty as the US economy tilts towards a recession, which could create an ugly atmosphere for risk assets.
That said, a rebound could be on the cards assuming recession fears are overblown.
And following the latest positive Ripple/SEC news, the XRP bulls could soon
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