The XRP price hike highlights the impact of the fiat outcome on the cryptocurrency market.
XRPthe digital currency of Ripple Labs Inc Fourth largest cryptocurrency by market capitalization. This feat comes on the heels of Ripple’s recent victory over the United States Securities and Exchange Commission (second).
The court declared that selling and offering XRP on exchanges does not constitute the sale of investment contracts. This legal victory sent shockwaves through the cryptocurrency market, leading to a rapid buildup and eventual boom in the price of XRP.
according to data From TradingView, the XRP price surged up to 98% in the hours after the decision, reaching $0.93. Accordingly, XRP experienced an extraordinary rise in market capitalization within hours of the latest ruling.
The cryptocurrency’s market capitalization rose by a staggering $21.2 billion, pushing it to a new annual high of $46.1 billion. The market cap of XRP has stabilized at $41.5 billion as of the time of writing. This increase in market capitalization has propelled XRP from its previous seventh position to overtake USDC Circle coins (USDC) and Binance token BNB in the global rankings.
The sharp rise in the price of XRP highlights the impact of the fiat outcome on the cryptocurrency market. Ultimately, regulatory clarity is crucial for investors, as it removes ambiguity surrounding the state of digital assets and potential future restrictions.
The court ruling served as a catalyst for renewed investor confidence in XRP, which led to increased buying pressure and subsequent price hikes. However, it should be noted that the battle between Ripple and the SEC is far from over. The final outcome of the lawsuit will have far-reaching implications for XRP and its regulatory status.
XRP Triumph: Impact on the Crypto Space
The recent court ruling in favor of XRP in the legal battle between Ripple and the SEC has had a huge impact on the cryptocurrency ecosystem.
There have been indications of an unexpected spike in activity on several cryptocurrency exchanges following the court ruling. One such exchange that was affected by the sudden rally was Uphold, a US-based crypto exchange. The unprecedented volume of trading activity led to technical difficulties and temporarily caused the Uphold platform to go down.
The recent ruling in favor of Ripple has also had a notable impact on the re-listing of XRP on several prominent US cryptocurrency exchanges. For example, Coinbase Global Inc (NASDAQ:COIN), one of the largest cryptocurrency exchanges, announced the re-listing of XRP shortly after the court’s decision.
Similarly, Kraken, another prominent crypto platform, and iTrustCapital also followed suit. The re-listing of XRP by these major exchanges indicates the growing confidence in XRP’s regulatory status following the court ruling. It also indicates a willingness to provide users with access to a broader range of digital assets, including XRP.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-world applications of blockchain technology and innovations to drive public acceptance and global integration of the emerging technology. His desires to educate people about cryptocurrencies have inspired his contributions to popular blockchain-based media and websites. Benjamin Godfrey is a fan of sports and farming.
