Ripple v. SEC Settlement Sparks XRP Surge Beyond $3.1
XRP followed the market trend by posting a significant green candle, moving from below $2.8 to nearly $3.1.
Quick overview
- XRP experienced a significant price increase, rising from below $2.8 to nearly $3.1.
- The Ripple vs. SEC lawsuit saw a potential resolution with both parties agreeing to a $50 million penalty and withdrawal of appeals.
- Despite initial rejections from Judge Torres, a joint dismissal of appeals was filed in early August, pending Second Circuit approval.
- XRP's price surge was also influenced by positive market trends following hints of potential interest rate cuts from the Fed.
Live XRP/USD Chart
XRP followed the market trend by posting a significant green candle, moving from below $ 2.80 to nearly $ 3.10.
The lawsuit between Ripple and the SEC received a major update, alongside positive news about US interest rates. This case is complex, with its resolution repeatedly announced but not finalized. Brad Garlinghouse, Ripple’s CEO, revealed in mid-March that both parties agreed to settle with a $50 million penalty and to withdraw their appeals. Judge Torres initially rejected their requests, causing further complications despite appearing to favor Ripple.
However, the lawsuit was once again considered resolved when both parties filed a joint dismissal of their appeals in early August. Still, approval from the Second Circuit was needed, and defense attorney James K. announced.
This spike coincided with market recovery after Fed Chair Jerome Powell hinted at possible rate cuts. XRP has gained over 10%, and it is now near $3.1, which could pose risks for short traders who are overleveraged.
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