Ripple (XRP) has jumped ~18.69% yesterday and is continuing to post gains (+2.49% at the time of writing).
This rapid growth comes after, what is considered a win, Ripple Labs Inc. has been ordered to pay a penalty of $125 million for improperly vending its XRP token to institutional clients.
This penalty, considerably less than the nearly $2 billion sought by the U.S. Securities and Exchange Commission (SEC), concludes a protracted legal skirmish that has garnered significant attention in the cryptocurrency industry.
This positive news has extended strong support for XRP along with a number of other cryptocurrencies.
More on the case…The SEC’s lawsuit against Ripple, initiated in 2020, accused the company of violating securities laws by garnering funds through the sale of XRP without registering it as a security.
The case has been closely monitored for its potential implications on the SEC’s authority over the rapidly evolving crypto sector.
The presiding Judge, in her ruling, highlighted that the case did not involve fraud claims, a factor contributing to the notably reduced penalty.
Also, the Judge’s determination that XRP only falls under securities law when sold to institutional investors was viewed as a significant victory for the crypto industry.
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