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XRP Rises by 10% Following News on SEC Lawsuit

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by Giorgi Kostiuk

2 hours ago

Cryptocurrency XRP has shown a significant rise following updates on the Ripple vs. SEC lawsuit, reaching nearly $3.1.

Update on Ripple vs. SEC Lawsuit

The case between Ripple and the SEC remains complex and layered. It began in March when Ripple CEO Brad Garlinghouse announced that both parties had agreed to withdraw their appeals. As a result, they settled with a $50 million penalty. However, Judge Torres initially denied their requests.

XRP Price Surge Following Event

After filing a joint dismissal of the appeals in early August, the final result awaited approval from the Second Circuit Court, which recently occurred. The price of XRP, already impacted by the legal proceedings, surged over 10%.

XRP is now trading close to $3.1, which could spell trouble for over-leveraged short traders.CITE_NA

Impact on Cryptocurrency Market

XRP's growth also coincided with the overall positive trend in the cryptocurrency market after Fed Chair Jerome Powell hinted at possible interest rate cuts. This created conditions for significant rebounds in market values.

The successful resolution of the lawsuit between Ripple and the SEC has been a crucial factor contributing to XRP's price increase, once again highlighting the impact of legal events on the cryptocurrency market as a whole.

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