Ripple Escapes Billion-Dollar SEC Fine with $125M Settlement

Ripple Labs has finally put an end to its three-year-long lawsuit with the U.S. Securities and Exchange Commission (SEC). The case, which began in December 2020, has seen a New York federal judge order Ripple to pay $125 million in civil penalties.

The settlement is being hailed as a 'win' for the industry by Ripple's CEO Brad Garlinghouse and co-founder Chris Larsen. They hope this marks the end of the SEC's 'war on crypto.'

XRP's price surged 26% to $0.63 in minutes after the news broke, erasing most of its losses from the recent market slump.

CoinMarketCap data shows that XRP is currently trading at $0.59. The sudden price jump caught some traders off guard, wiping out 40% more short positions than long ones in just four hours.