Ripple co-founder and former CEO Chris Larsen, now headed as the firm’s executive chairman, recently addressed the recent achievement of the Ripple team and all the loyal enthusiasts in the XRP community. Larsen talked about the last court decision regarding the fine stated by the SEC and commented positively on this action, saying that it can indicate the end of the ‘war on crypto’ initiated by the U. S. regulators.
Also Read: XRP Supersets as Analysts Expect a Huge Price Uptick in the Future
“Let’s Hope This Ends War on Crypto,” Says Larsen
Larsen reposted a tweet by Ripple CEO Brad Garlinghouse, who highlighted the judge’s decision to reduce the SEC’s demand for Ripple to pay $2 billion in fines and penalties down to $125 million, a reduction of 94%. The judge dismissed the SEC’s assertion that Ripple was acting ‘recklessly’ and referred to the Commission’s reminder that the case does not involve any claim of fraud or wrongdoing and that nobody lost their money. Larsen also agrees that ‘the SEC’s unhinged campaign is finally over against Ripple,’ so this war against cryptocurrencies and groundbreaking decentralized technology.
Garlinghouse celebrated the decision as “a victory for Ripple, the industry, and the rule of law.” He emphasized that “the SEC’s headwinds against the whole XRP community are gone.”
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XRP Whales’ Activity Intensifies and Price Surges Following Chris Larsen’s Announcement
This piece of news triggered a massive increase in the movement of XRP whales, as observed in the market. It has recently been observed that in the last single day, more than 100 million XRP were transferred according to Whale Alert data. Over 80 million XRP were purchased on some of the largest exchanges, such as Binance and Upbit, and withdrawn to anonymous cold blockchain wallets. Additionally, roughly 17 million XRP were transferred by an unknown whale to Binance, likely for sale. Following this positive news, XRP, the seventh-largest cryptocurrency, increased by 25.66%. The price increased from $0.50065 to $0.62911. Following a little dip and comeback, XRP is now trading at $0.61958.
Conclusion
The recent court ruling marks a significant victory for Ripple and the broader cryptocurrency industry. Ripple can move forward with renewed confidence, with the SEC’s demands significantly reduced. The increased activity among XRP whales and the price surge reflects growing investor optimism. As Ripple continues to navigate its legal challenges, the company remains poised for further growth and development in the crypto space.
Also Read: Ripple gets a major victory as the judge lowers the SEC penalty demand
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.