IMPORTANT POINTS:
- Ripple’s XRP achieved a partial victory before the SEC last Thursday that unleashed the optimism of its investors.
- Many exchanges relisted the cryptocurrency, such as Kraken. This also caused XRP to rise strongly.
- The rise of Ripple’s cryptocurrency caused it to overtake BNB in terms of market capitalization and rank 4th.
Ripple’s XRP accumulates an increase of more than 63% in the last week thanks to the recent court ruling that partially favored it before the SEC.
It is that it was ruled, through a statement by a judge of the US District Court for the Southern District of New York, that the sale of Ripple’s XRP tokens did not constitute investment contracts.
However, the judge also ruled that the institutional token sale violated federal securities laws. Despite this, XRP shot up to 80% minutes after the news.
Experts say this ruling is a positive step but still does not fully resolve the question of whether and under what circumstances a digital asset meets the definition of value under US law.
“Regarding these sales, the Court has confirmed that the law was indeed violated, marking a sizeable victory for the SEC and setting a precedent for its legal actions against other cryptocurrencies,” warned CoinShares head of product Townsend Lansing.
With the increase, XRP surpassed Binance’s BNB in terms of market capitalization and ranked number four. Its valuation caused Ripple to exceed $41.44 billion.
At the moment, XRP is trading at USD 0.74, although it managed to exceed USD 0.81 for a moment.
