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Why is XRP price up today?

Crypto XRP (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. Market participants viewed the ruling as a bullish sign for XRP, and shortly after the ruling became public, XRP price rose more than 75% to a 1-year high of $0.93.

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XRP and peers surge after a favorable court ruling

The prolonged legal battle between Ripple and several investors, as well as the doubts regarding the utility of XRP, have been putting pressure on the altcoin’s price. For the last 12 months, analysts have been claiming that a favorable ruling in the federal courts would result in a sharp surge of XRP, which was confirmed on July 13.

Analisa Torres, a Judge from the Southern District of New York, granted summary judgment in favor of Ripple Labs on 3 out of 4 issues, concluding that XRP is not a security in certain cases. The lawsuit was filed by the SEC against Ripple on December 22, 2022, and was amended on February 18, 2021.

Interestingly, other crypto tokens which had recently been delisted by major exchanges due to the possibility of them being unregistered securities, also experienced a rally. Stellar (XLM), XRP’s sibling coin, surged more than 70%, hitting a near 9-month high of $0.19.

As a result of this ruling, several analysts have suggested that the SEC’s defeat against Ripple casts doubt on its other enforcement actions against crypto-related companies. Some have even suggested that this ruling will impede the SEC’s long-term opposition to the approval of a Bitcoin ETF.

XRP has gained 136% year-to-date, and while it is still significantly lower than the all-time high of $3.40, this victory against the SEC could be the start of a longer-term recovery.

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