XRP Soars 26% as Ripple Wins $125M Fine Settlement

XRP's price skyrocketed by 26% after a New York federal judge ordered Ripple to pay $125 million in civil penalties and prohibited them from breaking U.S. securities laws.

The ruling appears to be the final stretch of a three-year lawsuit between Ripple Labs and the SEC, with Ripple's CEO Brad Garlinghouse calling it 'a victory for Ripple, the industry and the rule of law.'

Crypto lawyer Fred Rispoli described it as 'HUGE win for Ripple,' although he noted that Ripple made back the $125 million in minutes from XRP's price jump.

The price surge caught some traders off guard, wiping out 40% more short positions than long ones in just four hours. This led to $5.4 million worth of short positions being liquidated after the price spike.