By Meena
14 Jul 2023
XRP price experiences a sharp rise. But, what's the reason behind this surge?
Image:Canva
Federal District Judge Analisa Torres rules against SEC’s contention that XRP is a security. A significant win for Ripple Labs.
Image:Canva
Following the ruling, XRP's price rose over 75% to a 1-year high of $0.93. Market sees this as a bullish sign for XRP.
Image:Canva
This lawsuit by the SEC against Ripple had been ongoing for nearly 3 years, with significant implications for XRP’s price.
Image:Canva
Judge Torres grants summary judgment in favor of Ripple Labs on 3 out of 4 issues, stating XRP token isn't always a security.
Image:Canva
XRP’s sibling token Stellar (XLM) also rallies by more than 70%, following Ripple’s legal victory.
Image:Canva
Analysts suggest the SEC’s loss could affect its enforcement actions against other crypto-focused companies.
Image:Canva
Despite the legal battles, XRP has gained 136% year-to-date, showing signs of a longer-term turnaround.
Image:Canva
With this victory over the SEC, could this be the beginning of a promising future for XRP? Stay tuned for more updates.
Image:Canva
Thanks for Readings !
Image:Canva