You know why XRP's price action is up 26%
According to information released by Ciaran Lyons, XRP is up 26% with Ripple executives celebrating the USD 125 million fine as a "victory." The truth is that, "The price of XRP has risen 26% as the Ripple vs. SEC case appears to be reaching its final stages, with no signs to suggest that XRP will be classified as a security."
It has been noted that, "XRP's price surged 26% as a New York federal judge moved toward ending a three-year securities lawsuit against Ripple Labs, in what its executives call a "victory" for the industry"
It was also learned that, "Cointelegraph reported that the ruling apparently puts Ripple's case with the Securities and Exchange Commission in its final stages since the regulator initially filed the lawsuit in December 2020"
According to CoinMarketCap data, "Following the news, XRP soared 26% to USD 0.63, recouping most of its losses from the cryptocurrency market's broadest drop since August 5."
For his part Ripple Labs CEO Brad Garlinghouse stated in a post on X shortly thereafter that "This is a victory for Ripple, the industry and the rule of law. The headwinds from the SEC against the entire XRP community are gone."
SOURCES CONSULTED
Cointelegraph. XRP rockets 26% as Ripple execs hail $125M penalty as ‘victory’. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
The market currently now is not good as it is flunctuating up and down but let's see how it will definitely plays out actually