Why Is Today's Price of XRP Going Up?

The XRP price increased 64.74% to a one-year high of $0.77 shortly after the decision was made public because market players saw it as a positive development for XRP.

Source: watcher.guru

After a Federal court ruled that XRP is not a security, its value skyrocketed. The price of XRP has increased today as a result of the news that the United States Securities and Exchange Commission's claim that XRP is a security has been rejected by Federal District Judge Analisa Torres of the Southern District of New York. 

Following a Favorable Court Decision, XRP and Its Peers Surged

The price of the cryptocurrency has long been affected by Ripple's protracted legal struggle with several courts and investors' remaining doubts about the value of XRP. Numerous commentators have predicted for at least a year that a favorable federal court decision would result in a large rise in the price of XRP and this prediction was proven correct on July 13. 

Summary judgment was given in favor of Ripple Labs by United States District Judge Analisa Torres of the Southern District of New York on three of the four issues, upholding the position that the XRP coin is not a security in certain circumstances. The decision was rendered almost three years to the day after the SEC sued Ripple on December 22, 2022. The SEC then filed an amended complaint on February 18, 2021.

It's interesting to note that other coins that major exchanges had recently delisted due to worries that they could be illicit securities issuances also experienced a rally. Stellar, XRP's sibling coin, also followed Ripple's lead, surging 36.2% at the point of publication to reach a high of over nine months at $0.13.

A few experts have indicated that the SEC's failure against Ripple puts into doubt the feasibility of its other enforcement cases against crypto-focused firms, as a result of today's decision. Some have even claimed that the SEC's ongoing opposition to issuing a spot Bitcoin ETF will be hampered by today's decision. XRP has increased 114% so far this year, and while the cryptocurrency is still substantially behind its all-time high of $3.40, today's triumph against the SEC may signal the start of a longer-term comeback.

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