XRP rockets 26% as Ripple execs hail $125M penalty as ‘victory’
XRP’s price has surged 26% as the Ripple vs. SEC case appears to be nearing its final stages, with no signs suggesting that XRP will be classified as a security.
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.
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.
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Author: Ciaran Lyons
