The price of the digital currency Ripple has seen a notable rise in recent hours, with the currency recording a 9% increase in the last 24 hours, coinciding with the upward trend of the market as a whole.
The reason for the increase in the price of the digital currency Ripple came after the announcement by the U.S. Securities and Exchange Commission (SEC) about reaching a final settlement with Ripple, which included paying a fine of 50 million dollars.
This announcement ended a long legal dispute that lasted for years over the sale of XRP, during which the agency had demanded damages of up to 2 billion dollars, before later reducing it to 125 million dollars and finally settling at only 50 million.
The value of XRP rose by about 6% within 24 hours of the settlement announcement, due to optimism in the markets about the end of the regulatory threat that had burdened the currency.
This increase reflects investor response to the resolution of the case, especially after the court confirmed that the software sales of the currency through trading platforms do not constitute a violation of securities laws, which is considered a legal precedent in favor of similar cryptocurrency projects.
The shift in the stance of the agency, under the leadership of “Paul Atkins” after “Gary Gensler,” also contributed to creating a more lenient regulatory environment, which increased investor confidence.
The agency also dropped other lawsuits and investigations at the same time, indicating a different approach to dealing with the cryptocurrency sector.
