A US District Judge decided XRP was not a security after Ripple beat the US Securities and Exchange Commission; The price of the token has since gone up sharply.
Among the top 25 cryptocurrencies, payment system token Ripple was the best performer over the 24-hour period. XRP has regained fourth place by market cap, overtaking Binance’s problematic coin BNB.
Most importantly, XRP has held up, unaffected by the turmoil gripping the broader cryptocurrency market, as leading cryptocurrency Bitcoin threatens to lose its grip on the crucial $30k handle, and many altcoins start the day in a sea of red.
XRP is a cryptocurrency that Ripple uses to transfer money internationally. With a market cap of $37.8 billion, it is the fifth largest traded cryptocurrency.
XRP is dominating the weekly time frame
According to data from crypto market tracker Coingecko, XRP is trading at $0.814, up nearly 10% over the past 24 hours. However, at the time of writing, the weekly time frame is where the token has proven its value, by nearly 68%.
Source: Coingecko
Bitcoin (BTC) and Ether (ETH), the two largest cryptocurrencies by market cap, are currently trading below their psychologically important price levels of $30,000 and $1,500, respectively.
Although Bitcoin’s price has been fluctuating around the $30,000 mark recently, Jake Boyle, chief commercial officer of Australian cryptocurrency exchange Caleb & Brown, stated that major price changes are unlikely unless some critical event occurs.
Over the past three years, Ripple has battled the Securities and Exchange Commission over allegations that the company and two of its executives made illegal sales of $1.3 billion in cryptocurrency. XRP. Ripple refutes these claims, asserting that XRP is closer to a commodity than a security.
XRP price movement in the weekly chart. Source: Coingecko.
A watershed moment for Ripple
the SEC Ripple lawsuit ruling It was an important moment for cryptocurrency. Although XRP is not considered a security, some token sales are classified as securities transactions. This decision highlights the regulatory situation and classification of cryptocurrencies by the Securities and Exchange Commission, which affects the entire industry.
It could lead to discussions and lead to clearer regulations for digital assets, boosting investor confidence and promoting a more stable market. The ruling’s cascading effects may extend (no pun intended) globally, influencing regulatory approaches in other countries.
XRP market cap currently at $41.5 billion on the daily chart: TradingView.com
Organizational clarity is a must
As the cryptocurrency ecosystem matures, regulatory clarity becomes crucial to balancing innovation with consumer protection. Market participants will be watching closely how this ruling shapes the future of cryptocurrency regulation.
Meanwhile, if the court had sided with the SEC, it might have created a negative precedent for dealing with other cryptocurrencies, opening the door to more strict regulation and oversight.
This will have ramifications for any project offering an initial coin offering (ICO) or token sale, including Ripple and XRP.
(The content of this website should not be interpreted as investment advice. Investing involves risk. When you invest, your capital is at risk).
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