Ripple Wins SEC Lawsuit for $125M
A New York federal judge has brought an end to the three-year-long securities lawsuit against Ripple Labs, ordering the company to pay $125 million in civil penalties and agreeing that they can no longer break U.S. securities laws.
This 'win' for the industry, as Ripple's bigwigs are calling it, sent XRP's price through the roof, jumping 26% to $0.63 after the news broke. This erased most of its losses from the recent crypto slump, according to CoinMarketCap data.
Ripple's CEO, Brad Garlinghouse, called it 'a victory for Ripple, the industry and the rule of law', while co-founder Chris Larsen hopes this 'ends this Administration's war on crypto'. Crypto lawyer Fred Rispoli also chimed in, calling it a 'HUGE win for Ripple'.
The price surge caught some traders off guard, wiping out 40% more short positions than long ones in just four hours. CoinGlass data shows $5.4 million worth of short positions went up in smoke after the price spike.