XRP leads gains in all top 10 cryptos rally after Ripple’s win against US SEC

Bitcoin and all other top 10 non-stablecoin cryptocurrencies gained during Friday afternoon trading in Asia. The gains come after Ripple Labs claimed a partial victory on Thursday when a U.S. court ruled that Ripple Labs’ programmatic sales of the XRP cryptocurrency did not qualify as an offer and sale of investment contracts. In 2020, the US Securities and Exchange Commission (SEC) accused Ripple of offering XRP as an unregistered security. The ruling marks a major milestone in the three-year legal battle between the San Francisco-based payments firm and the US regulator. XRP is up over 62% in the past 24 hours.

See related article: What is XRP and what is Ripple?

XRP is leading the crypto market rally

Bitcoin, the world’s largest cryptocurrency by market cap, is up 2.46% in Hong Kong in the 24-hour period to 4:00 p.m. Ether is up 6.46% to $1,991 and is up 7.26% over the past seven days.

Supported by the ruling in the SEC Ripple case, XRP led a rally in the crypto market on Friday, surging 62.71% to $0.7674 and increasing its weekly gain to 65.47%.

In a summary judgment Thursday, New York’s Southern District Court Judge Analisa Torres ruled that Ripple’s programmatic sales of the XRP token on public exchanges do not constitute securities. However, the ruling also said that Ripple’s XRP sales to institutional investors violated securities laws.

The SEC first sued the San Francisco-based financial technology company in 2020, claiming that XRP was a security.

Ripple’s Chief Legal Officer Stuart Alderoty called the ruling “a huge win”. tweet on Friday. “The court found that the past direct XRP sales to institutional clients are only an investment contract. Only those institutional sales will have further legal proceedings, per the court’s order,” Alderoty said.

Perhaps now we can start a sensible conversation about crypto regulation in this country.

— Stuart Alderoty (@s_alderoty) July 13, 2023

Coinbase, the largest crypto exchange in the US, said in one tweet that trading in XRP will resume. Also other crypto exchanges like Crypto.com tweeted that it enables XRP trading while Kraken Pro said on Twitter that XRP is “back in full trading mode” on its platform.

“This can be counted as a win as XRP is one of the more centralized foundations, with a prominent figurehead offering standard exchange sales and formal distribution programs.” “If XRP doesn’t qualify as collateral, then almost nothing that sells on exchanges does said Vincent Chok, CEO of Hong Kong-based consulting firm First Digital forcast in an email reply.

“When the court finds that XRP is not a security, it strengthens the case for many other tokens that the SEC considers a security.” previous approach,” added Chok.

However, according to Ben Caselin, vice president and chief strategy officer of Dubai-based crypto trading platform MaskEX, the court’s decision could bring some relief from investors, but this tug-of-war is far from over.

“Due to their peer-to-peer and digital-native nature, cryptocurrencies do not readily allow for regulation in the traditional sense, but if projects and companies issuing tokens want to engage with the general public and institutional investors in the future, they will do.” “Maybe we should be more careful compared to a few years ago,” Caselin said forcast in an email reply.

XRP’s 24-hour trading volume increased by 1,743.38% to $13.27 billion, while its market cap increased by 64.52% to $40.85 billion.

The ruling in the Ripple-SEC lawsuit also sent the prices of all top 10 non-stablecoin cryptocurrencies higher.

Cardano’s ADA token is up 22.88% to $0.3526, for a weekly gain of 25.91%. Solana is up 31.98% at $28.75 and is up 47.96% week-on-week. Polygon’s Matic token is up 17.96% to $0.8555 over the 24-hour period and up 29.4% on the week.

The three cryptocurrencies posted double-digit losses in early June as the SEC classified the tokens as financial collateral in its lawsuits against crypto exchanges Coinbase and Binance.US.

“Resolving the lawsuit could lead to greater investor and market confidence in XRP [which] could attract new investors and increase liquidity and trading volume for XRP,” said Minal Thukral, executive vice president of growth and strategy at CoinDCX, India’s first crypto unicorn, in an emailed statement on Friday.

Total crypto market cap increased by 5.59% to $1.25 trillion in the last 24 hours, while market volume increased by 131.39% to $70.53 billion.