- The summary judgment of the Ripple-SEC case, which has been long-awaited, finally took place on Thursday.
- Ripple faced a $1.3 billion lawsuit in December 2020, alleging that the sale of XRP
tokens violated securities laws.
- Following positive developments, cryptocurrency exchange Gemini expressed its intention to consider relisting Ripple’s XRP token.
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The judge’s ruling in the Ripple-SEC case brought positive sentiment to the market, and Gemini announced that it may relist XRP.
Judge’s XRP Decision Changes Market Sentiment
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The historic ruling in the Ripple-SEC case signals the beginning of a bull market period for altcoins. After a long wait, the summary judgment of the Ripple-SEC case took place on Thursday, and Judge Analisa Torres delivered a major victory to Ripple by declaring that XRP is not a security. The ruling stated that the programmatic sales of Ripple Labs, the U.S.-based payment company, did not constitute investment contracts.
Ripple faced a $1.3 billion lawsuit in December 2020, alleging that the sale of XRP tokens violated securities laws. The implications of this decision on the current legislative efforts of regulatory bodies working towards establishing a clear regulatory stance on crypto trading in the U.S. remain uncertain.
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Following these positive developments, cryptocurrency exchange Gemini expressed its intention to consider relisting Ripple’s XRP token. In a statement, the exchange said:
“In light of today’s court decision that XRP sales are not securities, Gemini is considering whether to list XRP for trading and custody for spot and derivatives markets.”
Many cryptocurrency exchanges, including Gemini, delisted XRP after the SEC’s lawsuit, resulting in a significant loss in XRP’s value. Additionally, U.S.-based cryptocurrency exchange iTrustCapital announced the relisting of XRP.
With this news, XRP surged over 90% today, surpassing $0.93, and solidifying its position as the fourth-largest cryptocurrency with a market capitalization of $41 billion.
Uphold Exchange Crashes During XRP Events
Uphold, the only cryptocurrency exchange in the U.S. where individual investors could purchase XRP, could not handle the high demand following the judge’s ruling on XRP, causing the exchange to crash.
Access to Uphold is still unavailable. Uphold’s teams have been working to resolve the issues on the exchange for approximately three hours, but no improvement has been reported yet.