Finally, the top American regulator dismissed all the charges against Ripple executives in the XRP Lawsuit case.
Ripple is a San Francisco headquartered fintech firm, known for XRP coin-powered global payment services. Since Dec 2021, Ripple executives have been under huge legal hurdles, as they & their firm Ripple were sued by the United States Securities and Exchange Commission (SEC) for the sale of $1.3 billion worth of XRP securities, which was a violation of the Securities Act.
On 20 Oct 2023, Ripple chief legal officer Stuart Alderoty shared information with his followers that Ripple executives are now free of all SEC’s charges.
According to the Ripple legal officer, it is not a settlement, instead, it is a type of surrender by the SEC body.
However, Ripple firm already secured a partial win in this case in July of this year, when the court judge ruled that XRP was not security, and with that court ruling the majority of the SEC’s charges were revoked automatically.
Later the SEC agency tried to appeal against the court ruling but the court judge rejected the appeal.
Now finally the dismissal of all the SEC’s charges against the Ripple executives confirmed Ripple’s full victory in the XRP Lawsuit.
XRP coin price action
Ripple uses XRP coin, a Proof-of-Stake (PoS) consensus-based crypto token that runs on the XRP ledger (XRPL), to provide cross-border payment services.
However, XRP coin & Ripple are independent and every other company & individuals are open to using XRP coin in any type of payment or financial services but people consider Ripple as the backend firm behind XRP coin.
Following the latest development in the XRP Lawsuit, the trade price of XRP coin surged from $0.47 to $0.528, net 12.5% within a few hours.