XRP News: XRP is Not Necessarily a Security, Ruled Judge Torre
By:C, FionaLatest XRP News – Quick Take
- Federal Judge Analisa Torres determined that Ripple’s XRP is not a security when sold to the general public but ONLY when sold to institutional investors.
- While the news represents a partial win for the SEC, the XRP community is elated with 60% price gains to show for it.
- SOL, ADA, and MATIC, recently labeled securities, share in the excitement with around 10% gains each.
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The XRP price has recorded a remarkable rally following a much-anticipated development in the case against the US Securities and Exchange Commission. After months of waiting, the XRP community is celebrating a partial win against the commission.
Latest XRP News: XRP is Not a Security, Except…
XRP, the ticker for the Ripple ecosystem, has been determined to be a commodity when sold to the general public. According to the latest determination by Federal Court Judge Analisa Torres, the remittance token only passes as a security when sold to institutional investors. An excerpt from the summary judgment reads:
“Therefore, having considered the economic reality and totality of circumstances surrounding the Institutional Sales, the court concludes that Ripple’s Institutional Sales of XRP constituted the unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act.”
This means selling the token to users on the exchanges was not in contravention of the law, but only when they purchased through an order book and not via an Initial Coin Offering (ICO), Initial Exchange Offering (IEO), or Launchpad-related selling.
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XRP News: XRP Victory Bodes Well for Other Altcoins Labeled Securities
XRP partially winning against the commission has boded well for altcoins recently deemed securities. Specifically, Cardano (ADA), Solana (SOL), and Polygon (MATIC) prices have soared around 10%, each following the breaking news.
XRP Price Prediction
At the time of writing, the price of XRP is $0.76 with a market capitalization of 39,871,497,253, making it the 5th largest crypto by that metric. In the past 24 hours, XRP price is on course north, recording a 61% surge with a trading volume of 11,509,752,076.
One of the key drivers to actualize this impulse would be the ongoing bold moves by exchanges to list and relist XRP. With more players, local investors can easily invest and withdraw profits using their local fiat currency.
In addition, the technical outlook also indicates strong bullish strength, with demand and accumulation showing significant positivity. An increase in buying pressure could see XRP price hit $1 soon.
Some XRP holders have predicted that a full-blown bull market next year may even see it beat its historical all-time high of $3.40.
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