XRP Price Jumps 18% After Ripple Claims Victory in SEC Lawsuit Despite $125 Million Fine

XRP price rose Ripple shares rose more than 18% after it claimed “victory” in a lawsuit filed against it by the Securities and Exchange Commission (SEC), despite being fined $125 million.

“This is a victory for Ripple, the industry, and the rule of law,” said Ripple CEO. Brad Garlinghouse I“In a post on X. “The SEC sought $2 billion, and the court reduced its request by about 94%, acknowledging that it had overstated its position. The headwinds that the SEC had been facing for the entire XRP community are over.”

On August 7, a federal judge in New York ordered Ripple Labs to pay a $125 million civil penalty. The judge added that the fintech company is “permanently restrained and barred” from violating U.S. securities laws as part of a case brought by the Securities and Exchange Commission three years ago.

The SEC sought $2 billion, and the court reduced its request by about 94%, acknowledging that it had overstated its value. We respect the court’s decision and have the clarity to continue growing our company.

This is a victory for Ripple, the industry, and the rule of law.

— Brad Garlinghouse (@bgarlinghouse) August 7, 2024

the Ripple currency The price has almost fully recovered from its losses over the past week. During the last trading session, the remittance coin managed to reach a daily high of $0.6408, but has since retreated to trade at $0.606 as of 3:00 AM ET.

XRP Price Surge Leads to Over $12 Million Liquidation

The surge in XRP price has resulted in the liquidation of about $6.6 million in short positions in the past 24 hours, according to CoinGlass Data.

Traders who bet against the altcoin weren’t the only ones who suffered. Long positions totaling around $5.6 million were also liquidated.

However, there was a significant difference between the total short and long liquidations in the last hour. Only $2.16K of long positions were liquidated recently. Meanwhile, over $111K of short positions were wiped out during the same period.

“The SEC’s uncontrolled campaign against us has finally come to an end,” Ripple Labs co-founder Chris Larsen said on August 7. mail“Let’s all hope this administration’s war on cryptocurrencies comes to an end.”

Related articles:

PlayDoge (PLAY) – Latest ICO on BNB Chain

• 2D virtual pet
• Play to earn Meme Coin Fusion
• Betting Bonuses and In-Game Tokens
• SolidProof Audited – playdoge.io