In a significant victory for Ripple Labs, the XRP token experienced an impressive surge of almost 70% within the past 24 hours. The surge comes in the wake of a judge’s declaration that the token is “not necessarily a security on its face.”
After enduring a prolonged three-year legal battle with the SEC, Ripple Labs finally sees a glimmer of hope. The SEC sued Ripple in 2020, alleging that the token violated US securities law by being sold without proper registration as a security. This legal action caused a drastic downward spiral in XRP prices, which remained far below its previous all-time high of nearly $3.
However, a turning point appears to have arrived on July 13th, 2023, as a Judge in the Southern District of New York issued favourable regulations for Ripple.
This landmark decision not only boosted XRP’s value but also resulted in substantial gains for other altcoins. Cardano, Solana, and Polygon recorded gains of 25%, 33%, and 19%, respectively, over the past 24 hours. Furthermore, Coinbase, which had previously delisted XRP, announced its re-listing of XRP in a recent tweet on Thursday.
Coinbase, a publicly listed crypto exchange, witnessed a 24% surge in its stock price following the ruling on XRP.
The ruling’s determination that XRP is not classified as security represents a significant win for the entire industry. This decision may have far-reaching implications for other tokens currently under scrutiny by the SEC.
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