XRP is currently the third-largest cryptocurrency by market cap, valued at over $196 billion. Its price has surged by more than 7.7%, following a legal agreement between the SEC and Ripple Labs to drop appeals in an ongoing lawsuit. The SEC previously alleged Ripple violated securities laws, but a 2023 ruling found Ripple's public sales of XRP legal. As part of the settlement, Ripple will pay a $125 million fine to the SEC, allowing the company to refocus on its business operations, including a recent acquisition of a stablecoin platform.
XRP's price surged by more than 7.7%, currently valued at $3.30 per coin, following the SEC and Ripple's agreement to drop legal appeals in their ongoing court battle.
The legal dispute involved the SEC alleging Ripple violated securities laws by selling XRP, but a 2023 ruling deemed Ripple's sales on public exchanges legal.
The settlement means Ripple will pay a $125 million fine to the SEC, significantly lower than the $2 billion initially sought by the agency.
Ripple's chief legal officer, Stuart Alderoty, announced the end of the litigation with a post, indicating the company can now focus on its business interests.
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