As the market rebounds from its recent decline, XRP is experiencing a surge, particularly after concluding its lengthy legal battle with the SEC. The obstacles hindering $XRP have vanished, and it has displayed bullish behavior in recent days. Following Ripple’s settlement with the SEC, $XRP has surpassed its support level and continues to rise steadily, poised to reach $1 in the near future.
Ripple Settles with the SEC for $125 Million
Ripple’s price has been impacted since 2020, when the SEC initiated a lawsuit alleging the sale of unregistered securities. In 2023, the SEC’s verdict determined that Ripple’s direct sales through exchanges did not violate securities laws. However, the sale of $XRP directly to institutional clients was deemed in violation of federal securities regulations, resulting in Ripple being fined $1 billion.
Recently, the District Judge of the Southern Court of New York, Analisa Torres, revisited the case involving the sale of 1,278 million unregistered securities to institutional investors. During the hearing, she reduced the original fine of $1 billion to $125.035 million, which Ripple is obligated to pay. This settlement has ignited growth in $XRP, eliminating any obstacles and positioning Ripple for a bullish run, with a target of reaching $1.
$XRP Buying Volume Surged by 235% in the Past 24 Hours
Following the settlement with the SEC, the price of $XRP has surged, accompanied by a significant increase in buying volume, which has risen by 235% in the last 24 hours. After a four-year period marked by hurdles, $XRP finally has a clear path to enter a bullish phase.
On August 8, 2024, Ripple experienced a significant drop to $0.4318, but it has since surpassed its support level and is currently trading at $0.5863 at the time of writing. The buying volume for Ripple has also surged by 235%, indicating the eagerness of crypto investors to profit from $XRP.
$XRP appears to be bullish now, and based on recent updates and social chatter, word has spread that Ripple ($XRP) is on track to reach $1 soon. The increasing investments in $XRP by crypto investors serve as evidence that it may prove to be a valuable asset in the coming days.