XRP's price has surged by 3.7% in the past 24 hours, outperforming most other cryptocurrencies, which were trading in the red. This increase in XRP price was driven by the dismissal of the SEC's appeal in the Ripple lawsuit.
Ripple's XRP is the only coin charting considerable gains, and there's a precise reason for it. Judge Analisa Torres dismissed the appeal of the United States Securities and Exchange Commission in the case against Ripple. As a result, the XRP price soared by 5%, but it has retraced a bit to where it currently trades.
The Ripple v. SEC lawsuit has been going on for almost three years now, and the judge has set a date for trial – April 16, 2024. The rejected appeal was related to a decision of the court from July this year when it was determined that secondary sales of XRP did not constitute an investment contract. In other words, the court determined that in that specific case, XRP is not a security. The Commission didn't like the outcome and subsequently appealed the decision – an action that's now been tossed.
Ripple's XRP is the only coin charting considerable gains, and there's a precise reason for it. Judge Analisa Torres dismissed the appeal of the United States Securities and Exchange Commission in the case against Ripple. As a result, the XRP price soared by 5%, but it has retraced a bit to where it currently trades.
The Ripple v. SEC lawsuit has been going on for almost three years now, and the judge has set a date for trial – April 16, 2024. The rejected appeal was related to a decision of the court from July this year when it was determined that secondary sales of XRP did not constitute an investment contract. In other words, the court determined that in that specific case, XRP is not a security. The Commission didn't like the outcome and subsequently appealed the decision – an action that's now been tossed.