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XRP Soars By More Than 70% Following Court Ruling In SEC Vs. Ripple

Twitter icon  •  Published 1 year ago  •  Hassan Maishera

XRP rallied by more than 70% on Thursday after a US court ruled in partial favor of Ripple in its legal case against the US SEC.

TL;DR

  • XRP rallied by more than 70% after a US Federal judge ruled in partial favor of Ripple.

  • XRP has overtaken BNB to become the fourth-largest cryptocurrency by market cap, with Bitcoin also trading above $31k once again.

XRP Surpasses BNB In Market Cap

XRP, the native coin of the Ripple ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap in the last 24 hours. The coin rallied by more than 70% late on Thursday following a judge’s ruling on the SEC vs. Ripple case.

The U.S. District Court of the Southern District of New York ruled on Thursday that the sale of Ripple’s XRP tokens on exchanges and through algorithms did not constitute investment contracts. However, the institutional sale of the tokens did violate federal securities laws.

With this ruling, XRP might get listed on some cryptocurrency exchanges once again, with Gemini already indicating that it could list the coin on its platform soon.

XRP soared past the $0.84 mark on Thursday, its highest level since March 2022. Thanks to this rally, XRP surpassed BNB to become the fourth-largest cryptocurrency by market cap. XRP has slightly retraced and is currently trading just above the $0.77 mark. 

According to Binance, XRP is the digital asset native to XRPL. It is designed to function as a bridge currency, with the goal to "power innovative technology across the payments space" and enable "seamless, real-time, final, and cost-effective" global payments.

XLM, BTC, Others, Rally

XLM, the native coin of the Stellar Lumen ecosystem, also rallied by more than 50% following the Ripple announcement. Investors also rushed XLM due to the fact that it is XRP’s major competitor in the market.

Bitcoin, the world’s largest cryptocurrency by market cap, is up by more than 3% in the last 24 hours and is now trading above $31,400 per coin. Ether is also not left behind, as it crossed the $2,000 mark after adding nearly 8% to its value on Thursday. 

Thanks to the recent rally, the total cryptocurrency market cap now stands at $1.26 trillion, up by more than 6% in the last 24 hours.

 

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.