XRP’s price has surged today after a federal court ruled that the altcoin is not a security, with the price rising over 75% to reach a one-year high of $0.93. The ruling is seen as a bullish sign for XRP, and other tokens that had been delisted over concerns of unregistered securities issuances also rallied. This outcome was long speculated by analysts who believed a positive ruling in federal courts would lead to a sharp rally in XRP’s price. The victory against the SEC could mark the beginning of a longer-term turnaround for XRP, which has gained 136% year-to-date.
This outcome was long speculated by analysts who believed that a positive ruling in federal courts would lead to a sharp rally in XRP’s price. Ripple’s longstanding legal battle, along with investors’ lingering concerns over XRP’s utility, had long weighed on the altcoin’s price. For at least a year, numerous analysts had speculated that a favorable court ruling would translate into a sharp rally in XRP’s price, an outcome that was validated on July 13.
The lawsuit against Ripple was filed by the SEC almost three years ago, on December 22, 2022, and an amended complaint from the SEC was subsequently filed on February 18, 2021. The ruling by Judge Torres comes after a long struggle, and it involves three out of four issues, maintaining that in certain scenarios, the XRP token is not a security.
As a result of today’s ruling, a handful of analysts have suggested that the SEC’s loss against Ripple calls into question the viability of its other enforcement actions against crypto-focused companies. Some have even suggested that today’s ruling will hamper the SEC’s multi-year resistance to approving a spot Bitcoin ETF.
Year-to-date, XRP has gained 136%, and while the altcoin is still significantly down from its all-time high of $3.40, today’s victory against the SEC could possibly be the beginning of a longer-term turnaround. The market participants seem to be optimistic about the future of XRP, and the victory against the SEC has already caused Coinbase‘s price to rise by 8% in just an hour.
Source: Cointelegraph
