- XRP News: After a U.S. court finding that XRP token sales are not investment contracts, XRP prices rose 96%. This verdict benefits Ripple and XRP.
- Ripple’s legal success affects the crypto market: The court ruled that XRP sales are not securities, ending Ripple’s legal conflict with the SEC. XRP became the fourth-largest cryptocurrency by market valuation after a 73% price increase. It also affected Cardano, Solana, and Polygon, boosting the market.
- The Ripple case and court verdict gave investors optimism in a bear market-stricken cryptocurrency market. Cryptocurrency investors were optimistic about the ruling’s effects, which led to a late market rise.
Following a U.S. judge’s decision that the selling of XRP tokens on exchanges does not constitute the formation of investment contracts, the price of XRP has soared 96% in the last day, increasing the most among the biggest cryptocurrencies by market capitalization.
With the XRP news, XRP increased to its highest level since March 2022, 93.8 cents, according to statistics from CryptoWatch, before falling to 81 cents at the time of writing.
Price movement followed the Southern District of New York District Court’s ruling that the “offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts,” as “the record cannot establish the third Howey prong to these transactions.”
XRP News: Ripple’s legal win boosts XRP price
In contrast, Ethereum (ETH) increased 6.9% during the past day, bringing its market worth to $239.8 billion. Its cost momentarily exceeded $2,000 in value.
The conclusion of a legal dispute between Ripple and the U.S. Securities and Exchange Commission, in which judges determined that Ripple’s XRP sales are not securities, probably had an impact on those gains. Over the course of a day, XRP itself increased by 73%, climbing to the fourth-largest cryptocurrency in terms of market valuation at $42.6 billion.
Following Ripple’s court victory, at least two significant cryptocurrency exchanges, Coinbase and Gemini, have chosen to list or are contemplating listing XRP. These choices could help the value of the XRP token even more.
Three cryptocurrencies, Cardano (ADA), Solana (SOL), and Polygon (MATIC), that have been mentioned in unrelated SEC proceedings against Coinbase and Binance, are also among the top gainers today. Those improvements may be attributable to a broader expectation that crypto businesses may prevail in legal battles with authorities.
Gains have also been recorded in several other assets. Gains of 62.4% were recorded by Stellar (XLM), a separate initiative with early connections to Ripple. With a market value of $1.3 trillion after 24 hours of growth, the whole cryptocurrency market has increased by 6.5%.
Cash outflows total $236 million
Over the course of 24 hours, the cryptocurrency market saw liquidations totaling $238.37 million. $52.01 million of long liquidations and $186.36 million of short liquidations make up the total. A total of 66,800 merchants were liquidated.
The most liquidations occurred with three assets. There were $55.67 million in liquidations for Bitcoin, $37.81 million for Ethereum, and $47.97 million for XRP.
Binance was in charge of $85.88 million in liquidations, and OKX was in charge of liquidations of $68.74 million. About two-thirds of all liquidations on the Bitcoin market were carried out by those two exchanges combined.
In the middle of the most recent bear market in the cryptocurrency business, today’s events are a rare example of good news. Although the Ripple case’s wider ramifications are yet unknown, recent developments appear to have encouraged hope among cryptocurrency investors.
Silence on SEC v. Ripple Allows Crypto Market Activity to Provide Support
After the holidays on Monday, there was little movement in the cryptocurrency market due to US housing sector data. Additionally, there were no new developments in the ongoing SEC v. Ripple lawsuit to offer guidance. Investor caution increased in anticipation of a Court decision, which put XRP on the back foot due to the absence of Court updates.
The debut of EDX Markets, the announcement that Deutsche Bank (DB) was entering crypto, and the hope that the SEC would approve the Blackrock iShares Bitcoin Trust ETF all contributed to a late rally.
Featured image credit: Screenshot from ripple
