Ripple vs SEC case ends, XRP price rises by 17% following favorable court ruling
After fighting the United States Securities and Exchange Commission (SEC) for four years, Ripple Labs, a blockchain payment company, has received much-needed clarity from the court on the sale of XRP.
On Wednesday, U.S. District Judge Annalisa Torres ruled that the SEC's motion to settle and enter final judgment was granted in part and denied.
As a result, the court issued a civil penalty of 125,035,150 dollars to Ripple and ordered the company to stop further violations of security laws.
The Ripple community celebrates.
The global community of Ripple and XRP have celebrated the final decision of the trial filed by the US SEC. In addition, the court reduced the demand of the SEC by 94 percent, which is a great victory for the Ripple community.
According to Jeremy Hogan, the decision also brings much-needed clarity to Ripple in its use of on-demand liquidity (ODL).
“I think Ripple can use the ODL product – just have to be careful how it works. But that's been the case since July last year,” Hogan said.
The price of XRP is ready for the moon.
Following the favorable decision for Ripple, the price of XRP has soared more than 17 percent in the past 24 hours to hover around 60 cents in the early Asian session.
The large-cap altcoin, with a fully minted value of about $60 billion and an average daily trading volume of nearly $4 billion, is on a major rout after six years of triple consolidation.
According to on-chain data analysis, XRP Wells and Sharks have reached an all-time high.
Specifically, between 1M and 10M XRP coins, XRPL accounts now hold over 7 billion coins, worth over $4.4 billion.
Impact on the Crypto Industry
The final decision of the SEC vs Ripple case is a big milestone for the crypto industry, especially in the United States. However, the US SEC has supported major investigations of several altcoins led by Solana (SOL), Cardano (ADA), BNB, and Ethereum (ETH).
The final decision of the SEC vs Ripple case will trigger the widespread adoption of digital assets and Web3 products. As a result, the ongoing macro crypto bull run involves many players in the long run.
