XRP witnessed a significant surge in the past 24 hours following favorable updates regarding Ripple’s legal dispute with the SEC.

In the evening, the cryptocurrency markets witnessed one of the most substantial movements in recent history. A noteworthy breakthrough emerged in the ongoing legal battle between Ripple and SEC, favoring XRP. The court judge declared that the sale of XRP cannot be considered an investment contract offering and that the XRP sold to the public may not be classified as a security.

You might like it: Why XRP Price Increased?

Following these significant developments, the crypto markets particularly XRP, underwent a notable upward surge. The price of the coin soared by over 80%, propelling it to the position of the fourth-largest cryptocurrency by market capitalization.

Following the unexpected surge in XRP, Uphold, facilitating it purchases in the USA, experienced a significant outage. Access to the platform and stock market remained inaccessible for an extended period.

Meanwhile, between these unfolding events, an additional piece of news emerged from the Gemini stock market. Gemini revealed that it is actively exploring the possibility of listing it for both spot trading and derivatives transactions, conducting a thorough investigation into the matter.

Statement from SEC

After the judge made a decision, people started paying attention to the SEC. The SEC said:

“We are happy that the court has decided that XRP tokens, when offered and sold by Ripple as investment contracts in certain situations, break securities laws. We will keep reviewing the decision.”

The reason behind the SEC’s statement is that the court considered Ripple’s corporate sales of XRP as an unlawful offering of securities that were not properly registered.

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