The XRP (XRP) price has pumped more than 20% on Wednesday to the $0.61 area in wake of the judge presiding over the Ripple Labs/SEC lawsuit issuing a final ruling.
Judge Torres just ruled that Ripple Labs, the creator of XRP, need to pay $125 million in civil penalties are refrain from further violations of securities law, ending a near-four year battle.
Judge Torres has ruled that Ripple, $XRP, must pay $125M in civil penalties and stop any further violations of securities laws, putting an end to the nearly four-year legal battle it fought with the SEC, per FOX.
The SEC had initially requested a penalty of $2B from Ripple.
— unusual_whales (@unusual_whales) August 7, 2024
That’s substantially less than the $2 billion asked for by the SEC. The US regulatory agency had fined Ripple Labs back in 2020 for allegedly issuing XRP as a security.
The final ruling comes after Judge Torres ruled last summer that XRP wasn’t necessarily a security.
This is big news for the XRP market, hence the 20%+ intra-day move.
XRP and Ripple Labs’ global crypto business have been hurt badly in recent years by regulatory uncertainty.
Now the risk of XRP being labelled a security and as good as banned in the USA has been lifted, that should be good for the cryptocurrencies long-term adoption prospects.
The XRP price is currently up over 40% from Monday’s lows around $0.43.
XRPUSD / Source: TradingViewHuge Bullish Breakout Incoming? Here’s How High the XRP Price Could Go
XRP is yet to break above its recent highs. Indeed, crypto markets currently face a major moment of uncertainty as the US economy tilts towards a recession, which could create an ugly atmosphere for risk assets.
That said, a rebound could be on the cards assuming recession fears are overblown.
And following the latest positive Ripple/SEC news, the XRP bulls could soon take decisive control.
Bulls are hoping the XRP price can break above a pennant structure its been stuck in since 2022.
That could open the door to a swift push back towards 2021 highs near $2.0.
XRPUSD / Source: TradingViewThat could mean gains of more than 3x for XRP investors who get in now. XRP thus ranks as one of the best cryptos to buy now.
That said, it remains a high risk bet. The pump in summer 2023 on the prior Judge Torres ruling was eventually sold.
History could be set to repeat itself, especially if XRP fails to break above resistance and US recession fears come surging back.
Investors should never risk more than they can afford to lose in crypto markets.
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