XRP coin surges 60% within a couple of hours, following the news of the Ripple vs SEC lawsuit outcome.
Ripple is a San Francisco-based fintech firm, which is popular among international companies because they rely on Ripple’s cost-efficient cross-border payment services. Ripple uses XRP for its payment services. In Dec 2020, the United States Securities Exchange Commission (SEC) sued Ripple over the company’s suspicious business model & the nature of the XRP token.
On 13 July 2023, Judge Analisa Torres of a U.S. District Court judge said that Ripple’s native coin XRP is not a security.
“Defendants’ motion for summary judgment is GRANTED as to the Programmatic Sales, the Other Distributions, and Larsen’s and Garlinghouse’s sales, and DENIED as to Institutional Sales.”
For 2 & half years the crypto industry was waiting for Ripple’s victory in this case, as the outcome of this case was a type of future base for the other crypto assets & their corresponding business models.
Following this news, the crypto market surpassed a $1.2 trillion market cap. Bitcoin surged by 3.5%, while Ethereum surged by 8% within a couple of hours.
XRP coin price
The current trade price of XRP coin is $0.7654 & this trade price is 62.2% higher over the last 24 hours. Experts are expecting more increments in the trade price of this coin.
Ripple Chief legal officer Stuart Alderoty shared his happiness & confirmed that all kinds of past/present activities associated with the XRP were/are not subject to security acts.
American crypto exchange Coinbase re-listed XRP coin for trading, which was suspended by the exchange in Jan 2021 following the Ripple vs SEC lawsuit.
Ripple CEO Brad Garlinghouse also shared his happiness on this latest court ruling and said that Ripple was already on the right side of the law.
Here the latest court ruling doesn’t mean that the whole case has been over. Now in the next phase of court proceedings, the SEC attorneys will fight against Ripple executives over the sale of huge amounts of XRP coin to institutional investors and probably Ripple executives will be required to pay a fine for that, as Pro-XRP attorney John Deaton confirmed last month.