Hassan Maishera
TL;DR
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XRP is up by 20% in the last 24 hours, outperforming the other major cryptocurrencies.
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The rally comes after Ripple was fined $125 million to settle its case with the SEC.
XRP Rallies on Ripple Fine
XRP, the native coin of the Ripple ecosystem, is up by 20% in the last 24 hours, making it the best performer amongst the top 10 cryptocurrencies by market cap. At press time, XRP is trading at $0.6171 per coin.
The rally comes after Ripple was fined $125 million as part of its years-long litigation with the U.S. Securities and Exchange Commission. The court filing signed by Judge Analisa Torres of New York said,
"The SEC’s motion for remedies and the entry of final judgment is granted in part and denied in part. The Court shall enter a final judgment enjoining Ripple from further violations of the securities laws and imposing a civil penalty of $125,035,150."
Ripple's fine is lower than the SEC's proposed $2 billion. The company earlier argued that the fine should be closer to $10 million. Judge Torres also ordered Ripple on Wednesday to stop violating securities laws in the future.
Bitcoin, the leading cryptocurrency by market cap, is up by 1% in the last 24 hours and is currently trading above $57,300 per coin. Its positive performance comes as the 12 U.S. spot bitcoin ETFs returned to net inflows after three days of negative flows. The ETFs returned to positive flows on Wednesday, reporting $45.14 million in net inflows.
Thanks to these improved performances, the total cryptocurrency market cap now stands at $2.02 trillion, up by 1% in the last 24 hours.
