On July 13, Ripple Labs had a partial success in the case against the Securities and Exchange Commission (SEC), consequently causing Ripple (XRP) to take the fourth slot in terms of market capitalization among cryptocurrencies.
Only a short time after the ruling, the XRP market cap experienced a dramatic rise of $21.2 billion, attaining a 2020 peak of $46.1 billion, granting it the ability to surpass the USD Coin (USDC) from Circle and Binance’s BNB (BNB) token.
At the present moment, the market capitalization of Ripple stands at $42.5 billion.
The District Court for the Southern District of New York, in a legal dispute between Ripple Labs and the SEC, ruled that the sale and purchase of XRP on digital asset exchanges were not considered as investment contracts. Following this ruling, XRP prices saw a sharp rise.
The cost of XRP skyrocketed around 98% in the time period following the verdict, attaining a maximum of $0.93, as seen from TradingView.
U.S. crypto exchange Uphold experienced a sudden and “unprecedented” surge in activity as a result of the rapid buying of XRP, which caused the exchange to go offline.
XRP sales have remained an option on Uphold, a major American crypto exchange, while many others have chosen to discontinue the offering.
Uphold is operational again! Today we experienced a tremendous surge in volume which no other platform could manage. We are proud and grateful to have stayed with XRP for the past few years regardless of the obstacles. We’d like to give credit to the legal team that supported us.
A new regulation has caused a resurgence of U.S. exchanges featuring Coinbase, Kraken, and iTrustCapital offering token trading on their respective websites.
Gemini, the cryptocurrency exchange owned by the Winklevosses, has suggested they will likely bring XRP back to the platform in the coming period.
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