In a significant legal win for Ripple, a judge in the Southern District of New York has ruled that XRP, the company’s token, is “not necessarily a security on its face.” This decision has sparked a surge of more than 30% in the price of XRP, reaching a high of 60 cents per coin.
Crypto investors have been given a glimmer of hope, as this ruling suggests that other altcoins may also escape classification as securities. As a result, Polygon’s matic token experienced an 11% gain, while litecoin, the token tied to Solana, and Cardano’s token all saw impressive jumps of 8% and 7% respectively. Even leading cryptocurrencies like Bitcoin and Ethereum received a boost of 2% and 3% respectively.
Cantor Fitzgerald’s Elliot Han commented on the outcome, stating that it will undoubtedly have a profound impact on crypto regulation, not only in the United States but globally. This ruling could mark a significant turning point for the future of cryptocurrencies, with potential implications for ongoing lawsuits involving Binance and Coinbase.
The ramifications of this ruling are far-reaching, as it sets a precedent for how cryptocurrencies may be classified and regulated in the future. Market participants and regulatory bodies alike will closely monitor the subsequent developments, recognising the potential impact on the broader crypto landscape.
