The case between Ripple Labs and the United States SEC has come to a close. Yesterday, the price of XRP rose 26% before the New York federal judge passed the ruling on SEC and Ripple, which executives are hailing as a “victory” for the industry.
Ripple Price Skyrockets Amid Market Volatility
The price of XRP is up amid renewed market confidence. According to on-chain data from CoinGecko, XRP is worth $0.61, up 19.64% over the past 24 hours. The recent price action left the token’s market cap at $34.64B.
The spike comes after New York’s Judge Analisa Torres ordered, “The Court shall enter a final judgment enjoining Ripple from further violations of the securities laws and imposing a civil penalty of $125,035,150.”
In 2020, the SEC accused Ripple, a blockchain-based digital payment network and protocol, of raising $1.3 billion by selling its native currency, XRP, which it claimed was an unregistered security.
Doctor Profit, a famous X user in the crypto community, called the court decision “a massive, bullish event due to the newfound regulatory clarity and the flood of bullish rumors that will follow.”
$XRP – The Big Report:
Everyone who knows me understands that I’m a major investor in XRP. This report is going to lay out the facts and show you exactly where we’re heading next.
XRP is a masterpiece for the long term. If you’re thinking of making a quick buck with day trading… pic.twitter.com/w6ww9uSE6v
— Doctor Profit 🇨🇭 (@DrProfitCrypto) August 7, 2024
The injunction ruling demands that Ripple file a registration statement if it plans to sell any securities. The SEC is likely to challenge the July 2023 ruling now that the judge has issued a sentence after the SEC’s move for an interlocutory appeal last year was denied.
Also Read: Metaplanet secures ¥1 billion 0.1% APR loan for more Bitcoin purchases
