Why Is XRP On Fire Today, Outshining Bitcoin, Ethereum, And Dogecoin Gains?

Ripple Labs’ creation XRP (CRYPTO: XRP), has exhibited a surge of 7% in the past 24 hours, outpacing other prominent cryptocurrencies such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).

What Happened: As of the latest data, XRP was trading at $0.51, while BTC, ETH, and DOGE saw comparatively modest gains of 2.18%, 2.01%, and 0.18%, respectively, over the same 24-hour period.

This notable rise in XRP’s value can be attributed to a significant development in the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC). The SEC has decided to no longer pursue claims against Ripple’s CEO, Brad Garlinghouse, and its Executive Chairman, Chris Larsen.

This development has led to the cancellation of a trial that was scheduled for the coming year, marking another favorable outcome for Ripple in the SEC’s lengthy legal battle against the company. However, the SEC still intends to pursue its claims against Ripple itself.

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Why It Matters: The agreement reached between the parties involves the voluntary dismissal of the aiding and abetting charges against Garlinghouse and Larsen, with prejudice, meaning that these charges cannot be reinstated. The SEC will continue to pursue its claims against Ripple.

Garlinghouse said, “For nearly three years, Chris and I have been the subject of baseless allegations from a rogue regulator with a political agenda. Instead of looking for the criminals stealing customer funds on offshore exchanges that were courting political favor, the SEC went after the good guys.”

This development follows a partial victory secured by Ripple in July when a judge ruled that the company had not violated federal securities laws by making XRP available to retail investors through exchanges. However, the judge also found that the company had violated federal securities law by directly selling XRP to institutional investors.

Price Action: At the time of writing, BTC was trading at $28,810.35, up 2.18% in the last 24 hours, according to Benzinga Pro.

Photo Courtesy: Diamond Visuals On Shutterstock.com

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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