Ripple, the cryptocurrency associated with the company Ripple, has achieved a significant legal victory in a U.S. federal court. The court ruled that XRP is not a security, setting a precedent for the entire crypto industry in the country. This ruling has had far-reaching implications and has prompted major exchanges to relist XRP, leading to a surge in its price, reaching new highs of $0.85.
The court’s decision is seen as a landmark win for Ripple and the crypto industry as a whole. Ripple’s CEO, Brad Garlinghouse, described the victory as “an unequivocal win for Ripple and for crypto in the US.” He expressed his gratitude for his team’s efforts and highlighted that this decision is a significant blow to the Securities and Exchange Commission’s regulation by enforcement agenda.
The ruling has had a profound impact on the XRP market. The positive sentiment surrounding the decision has caused a surge in XRP’s price, reaching new highs of $0.85. Major exchanges, including Coinbase, Kraken, Gemini, Bitstamp, and others, have either relisted XRP or announced plans to do so. This resurgence in investor interest is indicative of renewed confidence in the cryptocurrency.
The court’s ruling not only confirmed that Ripple’s XRP sales on exchanges, sales by Ripple executives, and distributions to developers, charities, and employees are not securities, but it also has broader implications for the classification of digital tokens in the U.S. moving forward. Ripple’s Chief Legal Officer, Stu Alderoty, emphasized the significance of the ruling, stating that it “will have profound consequences on how digital tokens are classified in the U.S. moving forward.”
Related Post
While this legal victory is a significant milestone for Ripple, the company’s pursuit of sound crypto regulation in the U.S. is far from concluded. Ripple intends to continue investing in jurisdictions that have embraced clear regulatory frameworks. For example, the Monetary Authority of Singapore recently granted Ripple an In-Principle Approval for a Major Payments Institution License, furthering Ripple’s mission to promote regulatory clarity.
Following the court’s ruling and the surge in XRP’s price, many are wondering if the cryptocurrency can reach a new all-time high of $10 in 2023. Technical analysis suggests a bullish outlook for XRP, with a breakout from a 700-day descending resistance line and a move above the $0.54 horizontal area. However, the current price faces resistance at $0.83, created by an ascending parallel channel and a horizontal resistance area. The future trajectory of XRP’s price will depend on its ability to overcome these resistance levels.
In conclusion, Ripple’s landmark victory against the SEC has had a profound impact on the XRP market, driving its price to new highs. This ruling not only benefits Ripple but also sets a precedent for the entire U.S. crypto industry. As XRP regains listing on major exchanges and investor confidence returns, the future of XRP’s price will be determined by its ability to sustain positive momentum and overcome current resistance levels.
Disclaimer: This content is for informational purposes only and should not be considered as financial advice. Crypto News Flash does not endorse or take responsibility for any actions related to cryptocurrencies. Readers should conduct their own research before making any investment decisions.
