Ripple (XRP) has raised more than $21 billion in volume in just three hours after its July 13 SEC victory. With this acceleration, it has reached the position of the 4th largest cryptocurrency by market value. However, according to pro-crypto lawyers, it may be too early to celebrate the victory.
XRP becomes the 4th largest cryptocurrency
On July 13, US District Judge Analisa Torres ruled in favor of Ripple in the SEC case. Just hours after the decision, XRP’s market cap increased by $21.2 billion to reach a year-high $46.1 billion. With this momentum, it once again outstripped USDC. Prior to that, XRP was trading at the 7th place by market cap.
In terms of price, XRP gained up to 98% within hours of the lawsuit decision. It touched $0.98 at one point, according to TradingView data. Investors rushing to buy XRP caused a huge boom in trading volume on Uphold. Uphold was among the exchanges that continued to list XRP despite the SEC litigation in 2020.
XRP finds its place on major exchanges again
The SEC reopened its listings of exchanges delisting XRP in 2021 after the lawsuit was settled. Coinbase, Kraken, and iTrustCapital have reactivated XRP trading. A series of listings in the US followed. cryptocoin.com As we have reported, Binance.US and Crypto.com opened their listings today. Winklevoss-owned crypto exchange Gemini has hinted that it will also look to relist XRP in the near future.
Lawyers: We are not out of danger yet
The crypto community is currently celebrating the final decision regarding XRP’s security status. But lawyers warn there’s more to this than meets the eye. In a landmark ruling on July 13, Judge Torres ruled that XRP is not a security.
Despite the positive outcome for XRP, several crypto lawyers warn against celebrating too soon. Stephen Palley, law firm partner at Brown Rudnick, noted that the summary judgment is only “partial” and that Judge Torres’ decision does not set a precedent – instead, it can only serve as a persuasive comment for future courts to follow if they so choose.
Palley and others note that the SEC also has a chance to appeal the decision. This raises the possibility that decisions made by Judge Torres will be overturned by a higher court. However, Paradigm policy director and former SEC advisor Justin Slaughter said that “even if they win at the appeal level, they will lose in the Supreme Court” because “they have been very hostile to a group of agencies recently.”
Ripple will also have to deal with the SEC’s allegation that Ripple CEO Brad Garlinghouse and co-founder Chris Larsen “aided and abetted” the corporate sale of XRP, says US attorney James “MetaLawMan” Murphy.
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