XRP News Today: Ripple Confident in XRP Sales Despite $125 Million Penalty

Ripple, the company behind the cryptocurrency XRP, has expressed confidence in its ability to continue selling XRP to institutions despite a recent court ruling that rejected a settlement proposal between Ripple and the Securities and Exchange Commission (SEC). The proposal, which aimed to reduce Ripple’s $125 million penalty and lift an injunction preventing the firm from selling XRP, was denied by US District Judge Analisa Torres.

Judge Torres stated that Ripple and the SEC do not have the authority to agree not to be bound by a court’s final judgment that a party violated an Act of Congress. This ruling means that Ripple must still pay the $125 million penalty and adhere to the injunction imposed by the court. The injunction specifically relates to Ripple’s sales of XRP to institutions, a development that the market has viewed as potentially damaging to both Ripple and XRP.

However, Ripple has taken a positive stance on the ruling, arguing that it is not particularly negative for the firm. Stuart Alderoty, Ripple’s general counsel, highlighted that the court’s decision does not change XRP’s legal status as not a security. Alderoty also emphasized that the ruling pertains to “historic institutional sales,” suggesting that Ripple believes it can distinguish between past, illegal institutional sales of XRP and any future sales.

This distinction is significant as it implies that Ripple may continue to engage in institutional sales of XRP, provided they comply with the court’s injunction and any future regulatory requirements. The company’s confidence in its ability to move forward despite the ruling underscores its belief in the long-term viability of XRP and its potential for growth.

Despite the recent setback, Ripple remains optimistic about the future of XRP. The company’s legal team is prepared to either dismiss its appeal challenging the finding on historic institutional sales or press forward with the appeal, depending on the strategic direction it chooses. This proactive approach reflects Ripple’s commitment to navigating the regulatory landscape and ensuring the continued success of XRP in the cryptocurrency market.