XRP surges 20% as prolonged Ripple-SEC case comes to an end
Labs to pay approximately $125 million in penalties to the U.S. Securities and Exchange Commission over allegations of improperly selling the cryptocurrency XRP, as per a court filing.
However, the regulator dropped its remaining claims against Garlinghouse and Larsen in October. This case has been closely watched, as it is one of the largest brought by the SEC within the cryptocurrency sector. He noted that the court reduced the SEC’s demand by about 94%,"recognizing that they had overplayed their hand." Garlinghouse described the outcome as a “victory for Ripple, the industry, and the rule of law,” adding that “the SEC’s headwinds against the whole of the XRP community are gone.”
Despite the surge, the XRP token remains relatively unchanged this year. The ruling comes at a time when digital currencies have lost value amid current global market risk aversion.
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