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XRP, the crypto at the center of the long-standing SEC vs. Ripple lawsuit, is showing signs of a significant resurgence following the recent favorable judgment. The federal judge ruled in favor of Ripple imposing a $125 million fine but dismissing claims that Ripple's programmatic sales of XRP to retail clients violated federal securities laws.
This decision marks a critical turning point for XRP, potentially setting the stage for a major comeback in the cryptocurrency market.At of writing XRP is trading at $0.5763, a slight increase of 0.35% in the last 24 hours and 11.78% in the last 7 days. Its market cap stands at $32.3 billion while its trading volume at $1.3 billion.
The SEC initially sued Ripple Labs, its CEO Brad Garlinghouse and co-founder Chris Larsen in 2020, accusing them of illegally raising over $1.3 billion through unregistered securities offerings by selling XRP. Although the SEC sought fines and penalties totaling $2 billion the final ruling resulted in a significantly lower penalty of $125 million, which Ripple is expected to pay. This resolution has been highly anticipated by the crypto community as it could have far-reaching implications for the regulation of digital assets.
XRP's price after recording a low of $0.3827 on July 5th, XRP rebounded to $0.6584 only to drop again by 34% to $0.4318. That bullish momentum was likely a reaction to the conclusion of the case as investors anticipate a clearer regulatory future for XRP.
In the days following the judgment, XRP has gained traction globally, with notable developments signaling increased adoption. On August 9, 2024 according to a recent tweet, Japan announced its nationwide adoption of Ripple, integrating Ripple's technology into its financial system. Additionally, Ripple is planning to launch a stablecoin on the XRP Ledger which is expected to offer advanced interoperability features, further enhancing its appeal.
Ripple's technology is already utilized by several major banks and financial institutions worldwide, including Santander (USA), Canadian Imperial Bank of Commerce (Canada), Kotak Mahindra Bank (India), SBI Holdings (Japan) and IndusInd Bank (India). With the SEC case behind it, Ripple is poised to expand its reach even further, potentially driving XRP's value higher.
Moreover, the XRP Ledger recently achieved a notable milestone by closing 90 million ledgers, highlighting its strength and reliability. In another development, India and the UAE have agreed to use the XRP Ledger for oil transactions further solidifying XRP's role in global finance.
According to the same tweet, XRP has been forming a massive symmetrical triangle pattern since May 2017 and analysts predict that a breakout is imminent fueled by the ongoing bullish move and the recent declaration of XRP as a non-security. All indicators point towards price increase, making XRP a cryptocurrency to watch closely in the coming months.
The resolution of the SEC vs. Ripple case and the subsequent positive developments signal a new era for XRP. With increased institutional adoption, banking integration and the potential for cross-border transactions, XRP could soon become a crucial asset in the global financial landscape.
