In a significant turn of events, the price of Ripple’s XRP cryptocurrency has experienced an explosive surge following the news that a judge has ruled in favor of Ripple in its legal battle against the U.S. Securities and Exchange Commission (SEC).
According to reports, the judge’s ruling stated that Ripple’s sale of XRP does not qualify as an offer of investment contracts. This ruling comes as a major victory for Ripple, considering that the legal dispute with the SEC has been ongoing for over three years.
Shortly after the news broke, XRP’s price witnessed a staggering 15% increase, with the surge continuing in the following hours to reach an impressive 70% surge. At the time of writing, XRP has reached a 24-hour high of $0.86, according to CoinGecko data.
This legal triumph represents a significant milestone for Ripple and deals a blow to the U.S. SEC, as they were unable to establish that the sale of XRP constituted an investment contract. Investors in XRP have responded with immense positivity, driving the cryptocurrency’s value higher in the aftermath of the ruling.
As a result of this surge, XRP has now entered the top 5 largest cryptocurrencies by total market capitalization and continues its upward trend, signaling renewed confidence and enthusiasm among investors.