XRP XRPUSD spiked 30% midday Thursday after a U.S. District Court judge ruled that XRP isn’t a security in terms of Programmatic Sales, meaning sales to the general public.
However, it denied Ripple Labs’ motion for summary judgment regarding Institutional Sales. The court will issue a separate order to set a trial date in due course, U.S. District Judge Analisa Torres said in the decision.
XRP jumped to $0.61, its highest level in more than a year, after the news.
In 2020, the Securities and Exchange Commission filed a lawsuit against Ripple Labs and two of its executives, alleging that the company raised more than $1.3B through an unregistered digital asset securities offering. The SEC contends that most cryptocurrencies fit the definition of securities, though it hasn’t made that accusation against bitcoin BTCUSD or ethereum
ETHUSD, the two largest cryptos by market cap.
Other cryptocurrencies also jumped in Thursday trading. Bitcoin BTCUSD, the world’s largest crypto by market cap, gained 1.5% to $30.9K, ethereum
ETHUSD rose 3.3% to $1.95K, cardano
ADAUSD jumped 9.0%, litecoin (LTC-UD) +7.4%, and polygon
MATICUSD +9.4%.
Crypto-related stocks also climbed. Coinbase Global COIN surged 9.6%, Marathon Digital
MARA +11%, Riot Platforms
RIOT +12%, Hut 8 Mining
HUT +12%, Hive Digital
HIVE +18%, Bakkt Holdings
BKKT +6.8%.
More on Ripple:
- SA’s Crypto Roundtable discussed the importance of the SEC/Ripple case
- Buy the SEC Uncertainty, Sell the Settlement News – June Update
- SEC versus crypto: Regulatory clarity or confusion?
- Ripple introduces central bank digital currency platform
- Ripple acquires Swiss crypto custody company Metaco