XRP has won a crucial battle in the history of crypto by being declared not a security. Southern District of New York Judge Analisa Torres passed this ruling last Thursday, a decision that is welcomed by the crypto community. This also strengthens the cases of other altcoins that were labeled as securities by the Securities and Exchange Commission (SEC). Major crypto trading exchange Coinbase has also announced that it will be relisting XRP.
The price of the token has seen a hundred percent increase in just one day. From a price of $0.47, the price jumped to 0.93. Coinbase price has also surged by 25% after its announcement of relisting XRP. The crypto exchange has been on a winning streak lately due to being tagged by multiple spots BTC ETF applicants as their partners.
A Short History of the Ripple Labs vs SEC Tussle
The SEC vs Ripple Labs case is one of the most important legal battles in the history of the cryptocurrency industry since it will define the status of other altcoins. The legal drama started in December 2020, when the SEC sued Ripple Labs and two of its executives, alleging that they sold XRP, Ripple’s native token, as an unregistered security. This resulted in XRP being delisted from some exchanges, which included Coinbase and Binance.US. XRP price has also been suppressed because of the lawsuit. However, the tides have turned and XRP is now reclaiming lost glory and Coinbase has officially announced that it will list the token again.
XRP is Leading the Charge
The crypto industry has been battered by the bear market and its battle with US regulators, but XRP’s win is a big morale booster for the community. Other altcoins have already seen double digits percentage increases in prices within the last 24 hours. Polygon (MATIC), Cardano (ADA), and Solana are now enjoying big price pumps.
The court is the final authority for resolving disputes and the SEC can only file a motion for reconsideration or comply with the ruling. The court has proven that it will only look at the facts and won’t be swayed by another government agency. Things are looking good. Are you ready for the next bull run?
Read the court ruling here.
Image source: Pixabay
