Controversial digital currency XRP surged above $0.80, marking a huge rally from the shadow cast by the SEC’s lawsuit against Ripple Labs
Digital currency XRP has seen a massive price increase, surpassing $0.80 after surging more than 7%, according to CoinGecko data.
As reported by U.Today, the token has seen a price spike following a landmark court ruling involving Ripple Labs, the company associated with the XRP token. A judge ruled institutional sales by Ripple as securities but did not rank all other sales equally, a verdict seen as a significant victory for Ripple Labs and its digital token.
In the following days, the market capitalization and volume saw some fluctuations as the market tried to digest the decision.
Even with this recent surge, XRP remains significantly down from its all-time high of $3.40, reached in January 2018.
This mixed verdict in favor of Ripple had a noticeable impact on the market, given the significant uncertainty that the SEC lawsuit had previously projected into the future of XRP. The court’s decision not to classify all XRP sales as securities avoided a potentially damaging outcome for Ripple Labs and gave investors a boost of confidence.
Despite this court victory, it should be noted that the overall verdict remains somewhat complex and unresolved.
As reported by U.Today, Judge Sarah Netburn asked the two parties to identify three mutually agreeable dates for a possible settlement conference, encouraging them to schedule the meeting six to eight weeks in advance.
Fox Business presenter Charles Gasparino recently questioned Ripple’s financial strategy given potential fines of up to $1 billion.
SEC Chairman Gary Gensler has hinted at the possibility of an appeal against the recent verdict in the Ripple case. This means that the XRP token is not out of the woods yet despite the impressive price rise.