As the market rebounds from its recent slump, XRP is experiencing a notable surge, particularly following the conclusion of its protracted four-year legal struggle with the SEC.
The $XRP token is currently facing no obstacles and appears to be on an upward trajectory over the past few days. Following Ripple’s settlement with the SEC, $XRP has moved beyond its support level and is consistently rising, with expectations of reaching $1 in the near future.
**Ripple Reaches a $125 Million Settlement with the SEC**
Ripple’s valuation has been impacted since 2020 when the SEC initiated a lawsuit over allegations of selling unregistered securities. By 2023, the ruling determined that Ripple’s direct sales through exchanges did not breach securities laws. However, the court found that the $XRP sold directly to institutional clients violated federal securities regulations, resulting in a hefty $1 billion fine against Ripple.
Recently, District Judge Analisa Torres of the Southern District Court of New York revisited the case concerning unregistered securities amounting to $1.278 billion in institutional sales. During the proceedings, she reduced the initial fine from $1 billion to approximately $125.035 million, which Ripple is now required to pay. This favorable ruling has invigorated $XRP, removing previous barriers and positioning Ripple for a potential bull run, with optimistic forecasts of hitting $1 soon.
**Surge in $XRP Buying Volume by 235% in the Last 24 Hours**
The aftermath of the SEC settlement has seen a significant spike in $XRP’s price, with buying volume soaring by 235% over the past day. After enduring a prolonged period of challenges, $XRP is now free to pursue a bull market.
On August 8, 2024, Ripple’s value dipped to $0.4318, but it has since rebounded, currently trading at $0.5863. The increase in buying volume by 235% indicates that investors are keenly focused on $XRP, looking to capitalize on potential gains.
With a bullish outlook and recent positive developments generating buzz in the crypto community, it’s widely anticipated that Ripple ($XRP) is on the verge of reaching the $1 mark. This influx of investment suggests that $XRP could emerge as a valuable asset in the days ahead.
