Crypto
crypto
Sage D. Young

The SEC and Ripple jointly dismiss their appeals, ending long legal battle

The enduring legal dispute between the US Securities and Commissions Office and Ripple Labs has drawn to a close, which lifted the price of XRP on the news, though the token is trending down as of writing.

On Thursday, the SEC and Ripple Labs filed a joint stipulation to dismiss their appeals with the Second Circuit as both parties agreed to bear its own costs and fees. 

The outcome clears regulatory uncertainty that has weighed on the token’s prospects since 2020, when the SEC initially charged Ripple for offering unregistered securities to investors. 

XRP, the third-largest cryptocurrency, is seeing elevated trading volume. Yesterday, the token’s 24-hour trading volume stood at about $4.6 billion, but the figure has jumped to $11.6 billion as of 10:50 a.m. ET, data from CoinGecko shows. Traders on Korean-based exchange Upbit have generated $1.1 billion in 24-hour volume, making up nearly 10% of the total trading activity on the platform. 

SEC and Ripple End Appeals, Closing Landmark Crypto Case as XRP Soars - Decrypt

SEC and Ripple End Appeals, Closing Landmark Crypto Case as XRP Soars - Decrypt

The outcome clears regulatory uncertainty that has weighed on the token’s prospects since 2020, when the SEC initially charged Ripple for offering unregistered securities to investors. 

XRP, the third-largest cryptocurrency, is seeing elevated trading volume. Yesterday, the token’s 24-hour trading volume stood at about $4.6 billion, but the figure has jumped to $11.6 billion as of 10:50 a.m. ET, data from CoinGecko shows. Traders on Korean-based exchange Upbit have generated $1.1 billion in 24-hour volume, making up nearly 10% of the total trading activity on the platform. 

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Sage D. Young

XRP treasury firm trend grows as Evernorth, backed by Ripple Labs, enters the arena

The fifth-largest cryptocurrency by market cap, XRP, is getting a new treasury firm: Evernorth.

The firm will list on the Nasdaq and expects to raise over $1 billion in gross proceeds from SBI, Ripple Labs, Pantera Capital, Kraken, and GSR, according to a press release. Chris Larsen, cofounder and executive chairman of Ripple, also announced investing 50 million XRP tokens worth $124.5 million. Net proceeds are dedicated for open-market acquisitions of XRP.

Evernorth joins a number of firms stockpiling XRP, such as VivoPower International, Trident Digital Tech Holdings, and Webus. 

The announcement comes during a fragile period for crypto markets, but the latest news has boosted XRP’s price and the asset is back to flat over the last seven days.

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