XRP victory against SEC booms crypto prices (for a day)

Ripple Labs’ digital coin XRP momentarily soared past BNB (Binance Coin) to fourth place on CoinMarketCap on Friday after a judge ruled that the lawsuit between the SEC and Ripple Labs was a win… for both of turned them. XRP rose by more than 50% in the past two days. Cardano, Solana and Matic, the three main coins targeted by the SEC are trading higher over the period as well.

Bitcoin rose to $31,800 on Friday but at the time of writing is trading for $30,300 again after traders took profits.

Crypto booms

A very green crypto market on Friday after a New York judge ruled in favor of both the SEC and Ripple Labs in their lawsuit which had been dragging on for several years.

WOW! Congratulations to you my friends.

What I see from a first read-through:

1. Judge Torres ended up …splitting the baby! Yes, she finds the sales in which the buyers bought XRP directly from Ripple were sales of securities. That amount is alleged to be $728 million. https://t.co/9Gt6IinmGN

— Jeremy Hogan (@attorneyjeremy1) July 13, 2023

The key question of the lawsuit was whether XRP was offered as a security or not. Judge Analisa Torres ruled that it was the case in some historical cases, but not if it is offered via a crypto platform.

Attorney Bill Hughes summed up the lawsuit this way:

XRP is NOT a security in itself, even when offered through a securities transaction.

SEC v. Ripple in brief:

Ripple putting XRP on exchanges for trading (and funding their operation with those sales) is NOT an investment contract, and therefore not a security.

Ripple paying people in XRP is NOT an investment contract and therefore not a security.

XRP is NOT a… https://t.co/FzlPbkKH21

— Bill Hughes : wchughes.eth 🦊 (@BillHughesDC) July 13, 2023

Back to $3?

This is of course very good news for crypto, as Coinbase and Binance were also sued for similar offenses by the SEC recently. Many investors now believe that if XRP can win against the SEC, Coinbase and Binance can certainly do the same.

Many had predicted that XRP would return to pre-Covid-19 levels if the SEC case was won. he highest point XRP reached during the first major Bitcoin bull run of 2017-2018 was about $3.

$XRP

Next Resistance to break $0.86 pic.twitter.com/9WhkS6Sl9k

— Crypto Rover (@rovercrc) July 14, 2023

We wonder if XRP can repeat that feat.

BNB has by now retaken that fourth place on CoinMarketCap though.