Ripple co-founder and its former Chief Executive Chris Larsen (currently the company’s executive chairman) has taken to his account on the X platform to comment on the recent development that is currently celebrated by the Ripple team and the XRP community around the world.
Larsen commented on the final decision of the court regarding the size of the fine demanded by the SEC. He expressed a hope that this development may finally end the “war on crypto” unleashed by the U.S. regulators.
“Let’s hope this ends war on crypto”
Larsen reposted the tweet that was earlier published by the Ripple boss Brad Garlinghouse. The chief executive spread the word that despite the SEC’s demand for the court to make Ripple pay $2 billion in fines and penalties, the judge brought down that mammoth figure to $125 million. That is 94% lower than demanded by the regulatory agency.
The judge rejected the regulator’s allegations about Ripple acting “recklessly” and reminded the SEC that “this case did not involve any allegations of fraud or intentional wrongdoing, and no one suffered any financial harm,” according to Garlinghouse’s tweet.
Chris Larsen festively noted that “the SEC’s unhinged campaign” against Ripple “is finally over.” He said that hopefully this precedent will put an end to the war on crypto unleashed by the U.S. regulators.
The SEC’s unhinged campaign against us is finally over. Let’s all hope this ends this Administration’s war on crypto. https://t.co/XEjXKRoPFy
— Chris Larsen (@chrislarsensf) August 7, 2024
Garlinghouse stated that this decision was “a victory for Ripple, the industry and the rule of law.” He also underscored that “the SEC’s headwinds against the whole of the XRP community are gone.”
XRP whales’ activity intensifies
While this news spread around the crypto X, the market has seen a big surge in the activity of XRP whales. Over the past 24 hours, Whale Alert has spotted more than 100 million XRP transferred. More than 80 million XRP were bought on major exchanges Binance and Upbit and withdrawn to anonymous cold blockchain wallets.
Roughly 17 million XRP were transferred by an unknown whale to Binance with a likely goal of making a sale.
In light of the bullish Ripple news, the seventh largest cryptocurrency XRP printed a gigantic surge of 25.66%. The price jumped from $0.50065 to the $0.62911 level. After a small correction and a rebound that followed, XRP is changing hands at $0.61958.
