XRP Jumps 17%, Beating Bitcoin Gains, as Ripple-SEC Case Ends

XRP is up 17% following the settlement reached in the lawsuit involving Ripple Labs and the U.S. Securities and Exchange Commission (SEC). This led to its price jumping from 50 cents to 65 cents and a significant increase in trading volumes.

The settlement includes Ripple paying a civil penalty of $125 million and agreeing to injunctive relief against future securities law violations, although the SEC is expected to object, which could prolong the legal proceedings.

XRP led the market-wide gains, rising 17% as the long-running lawsuit between closely-related Ripples Labs and the U.S. Securities and Exchange Commission (SEC) reached a significant settlement.

Cryptocurrency investors reportedly expected a settlement throughout July, with the tokens seeing significant interest from South Korean markets and outpacing gains by major tokens in a matter of days.

On Wednesday, a federal judge ordered Ripple to pay $125 million in civil penalties and imposed an injunction against future securities law violations. has reached its endThe SEC is expected to appeal the decision, in which case the legal process is expected to take even longer.

Markets responded positively to Ripple’s decision, with XRP prices jumping from 50 cents to 65 cents, while trading volumes rose from $1.2 billion on Tuesday to $4.2 billion in the last 24 hours.

Therefore, only $6 million worth of short liquidations occurred in futures tracking XRP, suggesting that the moves were spot-driven.

Meanwhile, open interest in XRP tracking futures (or the number of unsettled futures contracts) increased by $200 million following the decision, indicating new money entering the market. Data shows that more than 60% of these traders have a long-term bias and expect prices to rise further.

XRP was one of the few major tokens in the green zone during Asian morning trading hours amid a stagnant market environment.

Meanwhile, Toncoin (TON) rose nearly 6% to $6.33 after Binance announced that it would list TON on its marketplace.

Bitcoin {{BTC}}, Solana’s SOL and BNB Chain’s BNB were unchanged in the past 24 hours, the data shows, while ether {{ETH}} fell 3.4%. The broad-based CoinDesk 20 (CD20), a liquid index that tracks the largest tokens excluding stablecoins, rose 0.3%.

According to market data, the inflow into Bitcoin exchange-traded funds (ETFs) on the August 7 trading day was $45.1 million. While there was an outflow of $30.6 million in GBTC, there was an inflow of $10.5 million in BTCW and $52.5 million in IBIT.

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Ether ETFs saw $23.7 million in outflows. Grayscale’s ETHE saw $31.9 million in outflows, Fidelity’s FETH had $4.7 million in inflows, ETH saw $1.7 million in inflows, and EZET likewise had $1.8 million in inflows. The rest saw no inflows at all.

The lack of movement in BTC could be a sign that the market is starting to price in Kamala Harris’ bid for the White House. Semir Gabeljic, Director of Capital Formation at Pythagoras Investments, noted that Harris’ rise should be watched as a market catalyst.

Harris, who recently tied Donald Trump in both the polls and the Polymarket (the latter has historically supported Trump), now has a pro-crypto advocacy group called “Crypto for Harris,” hoping to make smart crypto legislation a bipartisan issue. Several stakeholders, including Coinbase’s Chief Legal Officer Paul Grewal, are calling for crypto policy not to be the domain of a single party so that the U.S. can catch up with Asia in rule-making.

Meanwhile, other coins in the green on the Asian trading day include TONCoin, up 9.7%. TON could gain some momentum as the TON-themed ‘The Open Summit’, part of ABS 2024 in Taipei, concludes on Thursday.

At the same time, Trump-themed PoliFi coins are struggling as their namesake is now being challenged in a very competitive election. MAGA (TRUMP) is down 12.5% ​​or 44.5% monthly, while Solana’s TREMP is down 6% daily and 43% monthly. Harris-themed KAMA is trading sideways and is up over 160% in the past month.