XRP token surged by almost 70% in the last 24 hours after a Judge declared that the token is “not necessarily a security on its face”. This marks a big win for Ripple Labs and several other tokens that are in the same boat as XRP.
After a long three-year legal battle with the SEC, Ripple Labs is seeing light at the end of the tunnel. In 2020, the SEC sued Ripple for breaching the US securities law because the token was sold without first being registered as a security. This led to a massive downward spiral in XRP prices. Since then, XRP had been trading in a range far lesser than its all-time high of close to $3.
This finally seems to be changing since yesterday (13th July 2023) after a Judge in the Southern District of New York gave favourable regulations to Ripple.
Read more: What is Ripple (XRP)
Yesterday’s landmark decision not only saw XRP gaining but several other Altcoins saw substantial gains. Cardano, Solana and Polygon gained by 25%,33% and 19% respectively in the past 24 hours. Coinbase which had earlier delisted XRP has now listed XRP again as per their tweet on Thursday.
Coinbase, a publicly listed crypto exchange saw a 24% surge in its stock price yesterday after the XRP ruling.
The decision to not consider XRP as a security is a big win for the industry. This can potentially have implications for several other tokens which are currently under scrutiny by the SEC.
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