The price of $XRP surged 26% as a New York federal judge moved closer to ending a three-year securities lawsuit against Ripple Labs, in what its executives are calling a “victory” for the industry. #XRPVictory
On Aug. 7, a federal judge ordered Ripple Labs to pay a $125 million civil penalty and said the firm was “permanently restrained and enjoined” from violating United States securities laws as part of a case brought by the Securities and Exchange Commission.
Cointelegraph reported that the ruling seemingly puts Ripple’s case with the SEC in its final stages since the regulator initially filed the lawsuit in December 2020.
Upon the news, $XRP (XRP) rallied 26% to $0.63, recouping most of its losses from the broader crypto downturn since Aug. 5, according to CoinMarketCap data. #CMCCryptoAwards2024
At the time of publication, XRP is trading at $0.59.

XRP is up 44.88% over the past 30 days. Source: CoinMarketCap

If the momentum continues and the price hits $0.65, another $20 million in short positions could be liquidated. $XRP

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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