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XRP price surges 65%, now 4th largest crypto

Felicia Akindurodoye by Felicia Akindurodoye
July 22, 2023
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XRP price surges 65%, now 4th largest crypto
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Following Ripple’s historic victory over the United States Securities and Exchanges Commission (SEC), the XRP cryptocurrency has seen a price increase of almost 65 percent in the previous twenty-four hours. 

A verdict handed down on Thursday put an end to the three-year legal battle that the SEC had been waging against Ripple, the company that issued the coin. 

Remember that in the year 2020, the SEC filed a lawsuit against Ripple for allegedly violating US securities laws. As a result of the lawsuit, a number of exchanges, including Coinbase and Kraken, were compelled to delist XRP in order to protect themselves from the wrath of the regulator.

However, the Southern District of New York Court granted Ripple a partial success yesterday. According to the judgement that was handed down by Judge Analisa Torres, Ripple’s XRP is “not necessarily a security on its face.” This result was a partial victory for Ripple. 

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The court classified Ripple’s revenue as falling into one of three buckets: institutional sales, programmatic sales, and “other distributions,” which can include things like employee salaries.

As a direct consequence of the success, a number of different trading platforms, including Coinbase, Crypto.com, Kraken, Bitstamp, and Gemini, have said that they will be relisting XRP. It is essential to keep in mind, despite this, that the SEC retains the right to file an appeal, which could ultimately result in the findings of the court being overturned.

Read also: What to know about NairaEx and Remitano crypto exchange

The impact of the judge’s decision on XRP

XRP has already eclipsed BNB token to become the world’s fourth-largest digital asset by market valuation. This exciting achievement has sent ripples of excitement across the entire cryptocurrency community.

According to data from Coinmarketcap, as of the time of publication, XRP has a market capitalization of $41 billion and has had a price increase of approximately 65% in the market (from approximately $0.47 to $0.78 now).

Evidently, the rise in the value of XRP was caused by this partial victory in a protracted and drawn-out legal dispute with the United States Securities and Exchange Commission (SEC) over the sale of XRP. The regulatory turmoil that Ripple has experienced over the past few years has caused a number of exchanges to delist XRP and has maintained the pressure that is being placed on the coin.

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What does the future hold for XRP?

The recent flurry of releases and exciting news caused an early increase in the price of XRP that was greater than 100%; however, there has been a pullback in the price in the past 12 hours or roughly. And the conclusion to draw from all of this is that the fight Ripple is having with the SEC is not even close to being completely won.

In spite of the fact that the cryptocurrency market went into a frenzy after the announcement, cautionary notes were nevertheless issued over the aspect of the ruling that was unfavourable to Ripple. Ripple did not break any laws when it sold its token on public exchanges, according to the findings of District Judge Analisa Torres. However, the exchange did violate federal securities laws, most notably in the unregistered sale of $728.9 million to sophisticated investors. While Ripple did not break any laws, the exchange did violate federal securities laws.

This suggests that Ripple may still have to overcome considerable legal obstacles in the near future, and the small fall in the value of the XRP token already reflects this possibility. 

In a nutshell, this precedent-setting ruling in the Ripple litigation is an important step in addressing the murky relationship that exists between cryptocurrencies and securities law. Despite this, the conflict between Ripple and the SEC is not even close to being over. 

Therefore, investors in XRP should take profits on their holdings at this time rather than buying more with the expectation of price increases.

Tags: CryptoXRP
Felicia Akindurodoye

Felicia Akindurodoye

Felicia Akindurodoye is an experienced writer and researcher, whose watchword is originality.

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