XRP Tops $0.8 After Major Price Spike
The controversial digital currency XRP topped $0.80, marking a considerable recovery from the shadow cast by the SEC lawsuit over Ripple Labs
The digital currency XRP has seen a considerable surge in price, topping $0.80 after spiking more than 7%, according to CoinGecko data.
As reported by U.Today, the token experienced a major price surge in the wake of a landmark court decision involving Ripple Labs, the company associated with the XRP token. A judge ruled institutional sales by Ripple as securities but did not classify all other sales similarly, a verdict seen as a significant win for Ripple Labs and its digital token.
In the following days, the market cap and volume experienced some fluctuations as the market was trying to digest the ruling.
Even with this recent increase, XRP remains significantly down from its all-time high of $3.40, reached in January 2018.
This mixed verdict in favor of Ripple has had a noticeable impact on the market, given the significant uncertainty that the SEC lawsuit had previously cast on XRP’s future. The court’s decision not to classify all sales of XRP as securities avoided a potentially damaging outcome for Ripple Labs and provided a boost of confidence to investors.
Despite this legal victory, it’s worth noting that the overall verdict remains somewhat complex and unresolved.
As reported by U.Today, Judge Sarah Netburn has asked both parties to identify three mutually agreeable dates for a potential settlement conference, encouraging them to schedule the meeting six to eight weeks in advance.
Fox Business anchor Charles Gasparino recently questioned Ripple’s financial strategy given potential fines of up to $1 billion.
SEC Chair Gary Gensler has suggested 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 just yet in spite of the impressive price rally.
