Ripple Not a Security! XRP Surges 20%

Judge Rules Ripple XRP is not a security

The case between Ripple Labs and the United States SEC has come to a close. Yesterday, the price of XRP rose 26% before the New York federal judge passed the ruling on SEC and Ripple, which executives are hailing as a “victory” for the industry.

Ripple Price Skyrockets Amid Market Volatility

The price of XRP is up amid renewed market confidence. According to on-chain data from CoinGecko, XRP is worth $0.61, up 19.64% over the past 24 hours. The recent price action left the token’s market cap at $34.64B. 

The spike comes after New York’s Judge Analisa Torres ordered, “The Court shall enter a final judgment enjoining Ripple from further violations of the securities laws and imposing a civil penalty of $125,035,150.”

In 2020, the SEC accused Ripple, a blockchain-based digital payment network and protocol, of raising $1.3 billion by selling its native currency, XRP, which it claimed was an unregistered security.

Doctor Profit, a famous X user in the crypto community, called the court decision “a massive, bullish event due to the newfound regulatory clarity and the flood of bullish rumors that will follow.” 

The injunction ruling demands that Ripple file a registration statement if it plans to sell any securities. The SEC is likely to challenge the July 2023 ruling now that the judge has issued a sentence after the SEC’s move for an interlocutory appeal last year was denied.

Also Read: Metaplanet secures ¥1 billion 0.1% APR loan for more Bitcoin purchases

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Florence Muchai
Written by Florence Muchai

Florence Muchai is a crypto journalist at CryptoNewsZ with four years of experience covering Crypto, Blockchain, Web3, NFT, and AI. She has written for MSN and CryptoPolitan, bringing a wealth of knowledge to the industry. Florence holds a Bachelor's Degree in Disaster Management and International Diplomacy and a Master's Degree in Clinical Psychology. She is a digital nomad and explores the intersections of decentralized and traditional finance, offering insightful analysis on wealth creation, financial literacy, and the evolving digital economy. She is passionate about empowering readers with knowledge and delves into emerging trends, regulatory developments, and the impact of blockchain on global finance.