- Unstoppable XRP: Ready for the Next Move?
- July 2023 Ruling: A Mixed Bag
- August 2024: The Final Penalty and Ripple’s Response
Ripple’s recent legal developments have made waves in cryptocurrency, particularly for XRP enthusiasts. Ripple has been ordered by a U.S. court to pay a $125 million penalty, which might seem hefty but is a significant win for Ripple, signaling the potential end of the four-year legal battle with the SEC.
Unstoppable XRP: Ready for the Next Move?
XRP’s price continues to capture attention. Crypto analyst MackAttackXRP sees bullish signs for XRP, targeting $1.47. In the recent video analysis, Coin Bureau adds that the market sentiment around XRP is increasingly positive, especially following recent legal victories.
July 2023 Ruling: A Mixed Bag
In July 2023, Judge Analisa Torres made a groundbreaking Ripple verdict. She found that Ripple’s OTC sales of XRP to institutional investors were unregistered securities offers, but exchange sales were not. Importantly, Judge Torres did not designate XRP as a security or commodity, making her ruling complex and interpretable.
August 2024: The Final Penalty and Ripple’s Response
In August 2024, Ripple was fined $125 million for its institutional sales of XRP—a far cry from the SEC’s initial $2 billion demand. Ripple’s Chief Legal Officer, Stuart Alderoty, expressed satisfaction with the ruling, noting the company would pay the penalty from its solid cash reserves. The court also dismissed the SEC’s request for Ripple to surrender profits from these sales.
While Ripple seems ready to move on after the court’s ruling, the SEC isn’t backing down. Both sides have until October 6 to appeal, and an SEC appeal is highly likely, given its earlier attempts. If the case heads to an appeals court, Judge Torres’s ruling could be upheld or overturned, impacting the broader crypto industry.
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