The judge presiding over the case between Ripple and the Securities and Exchange Commission (SEC) has said that Ripple’s programmatic sales of the XRP cryptocurrency were not investment contracts.
Following the publication of the latest documents, the markets interpreted them extremely positively, as the price of XRP has increased by about 30% in the last 24 hours.
The XRP price, which was at around $0.47 at 15:20 PM UTC, jumped all the way up to $0.61 by 16:12 PM UTC. This kind of price increase is especially impressive given that XRP is one of the biggest cryptocurrencies on the market, boasting a market cap of $31.6 billion.
[DB] Ripple Sales of XRP Do Not Constitute Offer of Investment Contracts: Judge
— db (@tier10k) July 13, 2023
This development means that major exchanges such as Coinbase, which have delisted XRP as a precaution, are more likely to list the popular cryptocurrency again.
The latest development is a continuation of an intense legal battle between Ripple and the SEC, which began in December of 2020. So far, Ripple seems to have been quite successful in defending its position that XRP is not a security and that the company’s sales of XRP did not constitute a securities offering.
As the judge has declined to issue a summary judgment, the issue will now go to trial, the date of which is not yet known.
The precedent set by this case could also work in favor of other top cryptocurrencies, many of which are securities according to the SEC. In addition to the price spike displayed by XRP, we’ve also seen notable price spikes from cryptocurrencies such as Stellar (+12%), Solana (+10%) and Cardano (+9.5%).
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://coincheckup.com/blog/xrp-price-jumps-30-as-judge-says-ripples-sales-were-not-investment-contracts/
- :has
- :is
- :not
- $UP
- 12
- 13
- 15%
- 16
- 20
- 2020
- 24
- a
- About
- According
- addition
- again
- All
- also
- an
- and
- ARE
- around
- articles
- AS
- At
- Battle
- been
- began
- between
- Biggest
- Billion
- blockchain
- Blog
- boasting
- by
- cap
- case
- coinbase
- commission
- Company’s
- constitute
- continuation
- contracts
- could
- cryptocurrencies
- cryptocurrency
- Cryptocurrency News
- Date
- December
- Defending
- Development
- DID
- displayed
- do
- documents
- especially
- exchange
- Exchanges
- extremely
- far
- favor
- from
- given
- Go
- Have
- HOURS
- HTTPS
- impressive
- in
- Increase
- increased
- investment
- issue
- ITS
- jpg
- judge
- jumps
- Kind
- known
- Last
- latest
- Legal
- likely
- List
- major
- many
- Market
- Market Cap
- Markets
- max-width
- means
- more
- news
- notable
- now
- of
- offer
- offering
- on
- ONE
- Other
- over
- plato
- Plato Data Intelligence
- PlatoData
- Popular
- position
- Precedent
- price
- Price Increase
- programmatic
- Publication
- Resources
- Ripple
- s
- sales
- says
- SEC
- Securities
- Securities and Exchange Commission
- security
- seems
- seen
- set
- So
- so Far
- spike
- spikes
- successful
- such
- SUMMARY
- that
- The
- Them
- this
- to
- top
- trial
- UTC
- was
- Way..
- were
- which
- will
- Work
- xrp
- XRP Price
- yet
- zephyrnet
