The Securities and Exchange Commission in December 2020 sued Ripple Labs, the company whose founders helped create the cryptocurrency XRP. The agency alleged that the business and two executives raised over $1.3 billion through an ongoing offering of unregistered securities. While the price of XRP saw a brief dip after the announcement, the token rebounded the following spring.
Now, with a decision on the lawsuit expected later this year, XRP is riding a month-long price surge—and Ripple said that it sold $226 million worth of the token in a quarterly report it published Monday.
