XRP Targets $10 as Court Officially Ends Ripple Lawsuit

XRP spikes 17% in 24 hours, securing the top gainer spot among the 100 largest assets, as the court officially ends the Ripple vs. SEC lawsuit.

Ripple Labs, Inc. has successfully concluded its legal battle with the U.S. Securities and Exchange Commission (SEC). Despite being fined $125 million, the XRP community regards the conclusion as a much-needed relief, evident in XRP’s recent uptick.

Recall that Judge Analisa Torres’ summary judgment decision confirmed that most of Ripple’s XRP sales did not constitute unregistered securities offerings except its past sales to institutional investors. In these transactions, the court found that Ripple violated Section 5 of the Securities Act.

Ripple Fine 94% Lower than SEC’s Demand

Afterward, in the remedies brief, the SEC argued for a near $2 billion fine for the firm’s violations. However, Ripple argued against this figure, noting that $10 million is more appropriate. The $125 million fine is 93.7% lower than the SEC’s proposed fine, leading to some calling this a victory for the payment firm.

One such individual is Ripple CEO Brad Garlinghouse, who argued that the court’s decision emphasized that the SEC had overstretched the demand. According to him, following the decision, Ripple has secured the much-needed regulatory clarity to continue operating.

The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company.

This is a victory for Ripple, the industry and the rule of law. The SEC’s…

— Brad Garlinghouse (@bgarlinghouse) August 7, 2024

With the conclusion of the case, Ripple can continue its operations and focus on growth. The company has been forming strategic partnerships to this end. Ripple might not necessarily switch its operations, as the firm already stopped the institutional sales deemed unlawful.

Ripple has 30 days to pay the $125 million fine, which it will do through various approved methods. The fine payment will be handled transparently, with Ripple providing proof to the SEC. Now, it remains to be seen if there will be any appeals from either party.

The court’s ruling applies to Ripple and also its officers, agents, and anyone associated with the company. Per the court, the SEC will hold the penalty funds. In addition, the court will oversee this case for the next year to ensure Ripple adheres to the ruling.

XRP Aims for $10 Amid Case Resolution 

Following the resolution of the case, XRP has witnessed a massive spike in value, buoyed by increasing demand. XRP’s trade volume has spiked 205% over the past 24 hours to cross the $5 billion mark. This represents XRP’s largest daily trading volume in five months.

Notably, XRP price is up 17% in the last 24 hours, now sitting as the largest gainer among the top 100 assets. The crypto asset has reclaimed the $0.60 price region despite the rest of the market facing a downtrend. 

XRP initially spiked yesterday to a peak of $0.64 within hours before facing a mild correction. Currently trading for $0.6038, the token has recovered most of the losses of the past few days.

Multiple market analysts had projected that the conclusion of the case could provide the boost XRP needs to reach greater heights. One price target that has featured prominently is the $10 value. The Ripple case resolution was previously identified as one of the catalysts that could help XRP hit $10.

However, from its current price, XRP would need a 1,556% surge to clinch the $10 level. Such a rally would demand much greater buying interest. This buying interest could majorly come from South Korea as well as the American investing public, with XRP and Ripple now relieved from the legal pressure.