TL;DR
- Ripple’s Legal Victory: After four years of court battles, Ripple has won its case against the SEC, with Judge Annalisa Torres ruling that XRP is not a security. Ripple will pay a $125 million fine, significantly lower than initially demanded.
- XRP Price Surge: Following the final verdict, XRP’s price surged by 20% in a single day, recovering much of its recent losses and reaching $0.61.
- Market Impact: The significant trading volumes and strong volatility suggest a potential bullish continuation for XRP in the coming days.
After four long years of court battles, Ripple has finally seen its case against the SEC definitively concluded. The crypto markets celebrated the news, with XRP marking a growth of +20%. Judge Annalisa Torres, who last year explicitly stated that XRP is not a security, has put an end to the matter with a historic ruling.
I'm sure the SEC will refer to this as a win for getting a $125 million penalty.
But that's really a win for Ripple as far as i'm concerned. And an L for the SEC's "regulation via enforcement" stance https://t.co/LpHI0OU5KO
— James Seyffart (@JSeyff) August 7, 2024
Ripple is obligated to pay a fine of $125 million, significantly lower than the amount requested by the federal agency. By doing so, Ripple moves away from the eye of the storm once and for all.
In December 2020, the Federal Commission accused Ripple Labs of conducting unregistered securities offerings by selling XRP tokens. Over the last four years, several legal battles ensued, with verdicts favoring one side or the other without definitively closing the case.
In July 2023, Judge Annalisa Torres ruled that XRP is not a security, giving a twist to the matter. However, her ruling faced criticism, and other judges sided with the SEC, reigniting the issue. Now, after four long years of waiting, it seems the case has been formally closed following the latest ruling in New York.
The judge of the United States District Court has issued a final ruling on the SEC’s motion. It is official: XRP is not a security, and Ripple no longer has to respond to any accusations.
XRP (Ripple) Grows by 20% in the Crypto Market After the SEC News
Amid the pronouncement of the final verdict in the Ripple vs. SEC case, XRP experienced a strong rally, growing by 20% in just one day. In a single candle, the cryptocurrency recovered much of the collapse that characterized the trend of the previous week.
While many other cryptocurrencies remain crushed under various macroeconomic fears, XRP recaptured the $0.61 mark and is now attacking the local resistance at $0.65. From the bottom on Monday to the top yesterday, XRP saw a maximum movement amplitude of 53%, highlighting strong volatility in the market.
At the time of writing, XRP continues its upward trend, gaining nearly 19% in the last 24 hours, and trading at $0.61. The trading volumes have been notably high, indicating a potential upward trend may persist in the days ahead.
