XRP News- XRP Climbs 17% Ahead of Bitcoin as Ripple-SEC Case Reaches a Verdict

XRP News- Ripple’s XRP Leaps 17%, Beating Bitcoin Gains with Ripple-SEC Dispute Settled

XRP News- XRP surged 17% to lead market gains after the long-running legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) reached a milestone settlement. This dramatic rise in XRP’s value came as a significant development for the cryptocurrency markets, which had been closely following the case. Traders had been anticipating a resolution for months, with the token drawing considerable interest from South Korean markets and outpacing gains seen in other major cryptocurrencies on several occasions.

On Wednesday, a federal judge ordered Ripple to pay $125 million in civil penalties and issued an injunction against future violations of securities laws. While the case appears to have reached its conclusion, the SEC is expected to appeal the ruling, potentially prolonging the legal proceedings. Despite this, the market reacted positively to the settlement news, with XRP’s price jumping from 50 cents to 65 cents following the announcement. Trading volumes surged to $4.2 billion over the past 24 hours, up from $1.2 billion the day before.

Interestingly, only $6 million in short liquidations were recorded on XRP-tracked futures, indicating that the price movement was likely driven by spot market activity rather than futures. In addition, open interest on XRP futures rose by $200 million after the ruling, suggesting that new money is entering the market. Data reveals that over 60% of these traders are taking long positions, anticipating further price increases.

During the Asian morning trading hours, XRP was among the few major tokens showing positive movement in an otherwise flat market. Toncoin (TON) saw a nearly 6% increase to $6.33 after Binance announced it would list TON on its platform. In contrast, Bitcoin (BTC), Solana’s SOL, and BNB Chain’s BNB remained unchanged, while ether (ETH) fell by 3.4%. The CoinDesk 20 (CD20) index, which tracks the largest tokens excluding stablecoins, showed a modest gain of 0.3%.

In terms of exchange-traded funds (ETFs), Bitcoin ETFs saw an inflow of $45.1 million on August 7, with GBTC experiencing an outflow of $30.6 million, BTCW an inflow of $10.5 million, and IBIT receiving $52.5 million. Ether ETFs faced outflows of $23.7 million; Grayscale’s ETHE saw an outflow of $31.9 million, while Fidelity’s FETH had an inflow of $4.7 million. ETH itself saw inflows totaling $1.7 million, and EZET had $1.8 million in inflow, with other ETFs remaining unchanged.

The lack of movement in Bitcoin could be indicative of the market beginning to factor in potential political changes, with some analysts suggesting that a possible Kamala Harris presidency could be a significant market catalyst. Semir Gabeljic, Director of Capital Formation at Pythagoras Investments, highlighted Harris’ rise as an important development to watch.

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