XRP surged 26% after Ripple scores a ‘victory,’ Donald Trump Jr. reveals plans to launch crypto platform: Hodler’s Digest
The price of XRP surged 26% as a New York federal judge moved closer to ending a three-year securities lawsuit against Ripple Labs, which executives are calling a victory for the industry.
On Aug. 7, a 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 Ripples case with the SEC in its final stages since the regulator initially filed the lawsuit in December 2020.
XRP rallied 26% to $0.63 after the news, recouping most of its losses from the broader crypto downturn since Aug. 5, according to CoinMarketCap data. At the time of publication, XRP was trading at $0.59.
