XRP Skyrockets 90% Following Positive Ruling in SEC Lawsuit
By John Crypto
- July 13 2023
XRP, the digital token associated with Ripple, has experienced an astonishing surge of 96% in the past 24 hours. This surge is particularly notable as it outperformed other major cryptocurrencies in terms of market capitalization. The price surge was triggered by a significant ruling in a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple.
According to data from CryptoWatch, XRP reached a high of 93.8 cents, marking its highest level since March 2022. However, it later settled at 81 cents at the time of writing. This sudden surge in price follows a favorable decision by the District Court for the Southern District of New York.
In the ruling, the court stated that the sale of XRP tokens on digital asset exchanges should not be considered as investment contracts. This determination was made as the court found that the transactions did not meet the criteria of the third prong of the Howey test, which assesses whether an investment involves profits derived from the efforts of others.
