Cryptocurrency prices increased on Thursday, especially Ripple, after a U.S. court ruling fined “Ripple Labs” in a case brought by the Securities and Exchange Commission (SEC), which the company viewed as a victory.
Bitcoin rose by 3.74% to $56,923.88 at 08:16 AM Mecca time, Ethereum increased by 3.31% to $2,428.92, and Ripple surged by 18.49% to 60 cents.
This followed a federal judge’s decision on Wednesday to fine “Ripple Labs” $125 million instead of the $2 billion demanded by the SEC in a 2020 case accusing the company of issuing and selling Ripple tokens without registering them as a financial asset.
Ripple’s price jumped 25% after the ruling but later reduced its gains. Meanwhile, cryptocurrencies showed a recovery in today’s trading, although Bitcoin and Ethereum prices are still below last week’s levels.
The intense selling wave in global markets earlier this week led to a decline in all risky assets, including stocks and cryptocurrencies.
