Ripple (XRP) price is up today following news that Federal District Judge Analisa Torres of the Southern District of New York ruled against the United States Securities and Exchange Commission’s contention that XRP is a security. Shortly after the ruling became public, XRP price rose 64.74% to a 1-year high of $0.77 as market participants viewed the ruling as a bullish sign for XRP.
XRP’s sibling token Stellar (XLM), also followed in Ripple’s footsteps, rallying 36.2% at the time of publishing to hit a near 9-month high at $0.13. As a result of today’s ruling, a handful of analysts have suggested that the SEC’s loss against Ripple calls into question the viability of its other enforcement actions against crypto-focused companies. Some have even suggested that today’s ruling will hamper the SEC’s multi-year resistance to approving a spot Bitcoin ETF.
Year-to-date, XRP has gained 114%, and while the altcoin is still significantly down from the all-time high of $3.40, today’s victory against the SEC could possibly be the beginning of a longer-term turnaround.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.