Enormous buying power sparked by Ripple court ruling caused enormous losses among bears
market, fuelled by Ripple's legal victory against the Securities and Exchange Commission , has resulted in a wave of short liquidations. Approximately $300 million worth of short positions were obliterated as XRP's price skyrocketed, leaving bears reeling in the wake of a monumental 100% rally.
The positive ruling for Ripple sent shockwaves through the crypto industry. The court's declaration that XRP is not a security removed a significant legal hurdle for Ripple, enabling it to continue operating without the threat of stringent regulations.The consequent surge in XRP's price caught many bears off guard. Many had taken short positions on the token, betting on a negative outcome in the lawsuit, and were left stunned as XRP's value doubled almost overnight.
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