XRP’s price surged immediately after the judge delivered a huge win to Ripple in its case against the SEC.
Ripple, the blockchain-based payments firm, has emerged victorious after a long-running legal battle with the Securities and Exchange Commission (SEC). XRP’s price surged after a judge ruled in favor of Ripple, sending shockwaves through the cryptocurrency market.
The price of Ripple’s XRP has risen by as much as 16% in minutes on news that a court has found in Ripple’s favour in the dispute against the US Securities and Exchange Commission.
A judge has determined that Ripple’s selling of XRP does not constitute an offer of investment contracts, according to reports.
This appears to be a significant win for the company, given that the lawsuit has been underway for more than three years.
The price of XRP skyrocketed by 16% shortly after the news surfaced.
The move is a big legal triumph for Ripple and a hammer for the US Securities and Exchange Commission, which was unable to show that XRP sales constituted an investment contract.
XRP investors have reacted quite warmly to the news, as the cryptocurrency has skyrocketed since the announcement.
It has already joined the top five largest cryptocurrencies in terms of total market value and is continuing to rise.
