XRP Surges 26% as Ripple Nears Settlement in SEC Lawsuit
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XRP Surges 26% as Ripple Nears Settlement in SEC Lawsuit

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2 months ago

XRP skyrocketed by 26% following a pivotal move by a New York federal judge in the ongoing securities lawsuit against Ripple Labs.

XRP Surges 26% as Ripple Nears Settlement in SEC Lawsuit
XRP skyrocketed by 26% following a pivotal move by a New York federal judge in the ongoing securities lawsuit against Ripple Labs. On August 7, the judge ordered Ripple Labs to pay a $125 million civil penalty and prohibited the company from violating U.S. securities laws. This development marks a crucial step toward concluding the case initiated by the Securities and Exchange Commission (SEC) in December 2020.

Following the announcement, XRP rallied to $0.63, recovering much of its losses from the recent crypto crash, according to data from CoinMarketCap. XRP is currently trading at $0.61, gaining over 20% over the past 24 hours.

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Ripple Labs CEO Brad Garlinghouse celebrated the ruling, calling it a victory for Ripple, the industry, and the rule of law. He noted that the SEC's challenges against the XRP community were now over. Meanwhile, co-founder Chris Larsen expressed hope that this decision would mark the end of what he described as the SEC’s “unhinged campaign” against XRP and the "war on crypto."

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The price surge took futures traders by surprise, liquidating 40% more short positions than long ones within four hours. According to CoinGlass data, $5.4 million in short positions were wiped out after the surge. If XRP reaches $0.65, another $20 million in short positions could face liquidation. However, a decline to $0.55 could impact long positions, potentially affecting $25 million worth.
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