The cryptocurrency world is buzzing with the news of Ripple’s latest development, which affected the XRP price.
XRP, the token linked with Ripple, has seen a remarkable 26% surge in price.
Additionally, this surge comes after a New York federal judge ordered Ripple Labs to pay a $125 million civil penalty.
Interestingly, Ripple executives are hailing this as a “victory” for the industry.
Ripple’s Victory in the SEC Lawsuit
Source: Brad Garlinghouse X Post
The long-standing legal battle between Ripple and the U.S. SEC appears to be nearing its final stages.
The company’s executives view the judge’s ruling as a positive outcome.
Specifically, Brad Garlinghouse, Ripple’s CEO, said, “This is a victory for Ripple, the industry, and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone.”
Further, “The SEC’s unhinged campaign against us is finally over. Let’s all hope this ends this Administration’s war on crypto,” said Co-founder of Ripple Labs Chris Larsen.
Also, there were comments from other crypto enthusiasts.
On the X platform, Hodl Law founder Fred Rispoli commented, “Overall, a HUGE win for Ripple.
Although I’m surprised at the $125M hit, Ripple more than made that just on the price move in XRP in the last 5 minutes.”
The crypto industry is closely following this development.
This is because the outcome could significantly impact the broader market.
XRP Price Soars in Response
Source: CoinMarketCap
In addition, the news of Ripple’s victory has directly impacted the price of XRP.
The digital asset has surged 26%, claiming most of its losses from the broader crypto downturn since August 5.
As of 07:59 a.m. EST, XRP is trading at $0.61. In the past day, the coin has surged more than 18%.
Moreover, over the past 300 days, XRP is up by 40.23%.
According to CoinMarketCap, its 24-hour trading volume of $5.63 billion is up 290%.
Interestingly, the price surge has caught future traders off guard.
Source: CoinGlass
According to CoinGlass, over $5.4 million worth of short positions were liquidated in just four hours.
In all, Ripple’s executives are confident that this ruling will benefit the entire crypto industry.
Note that, if the current momentum continues, XRP could potentially hit $0.70 soon.