- The long-standing Ripple-SEC case that has been ongoing since 2020 has finally reached a significant milestone after much anticipation.
- The impressive price movement of XRP clearly highlights the significance of the court ruling. The announcement triggered a wave of demand following a surge in social dominance.
- Ripple’s major win could also open the doors to more opportunities. The company faced hurdles in forming potential partnerships due to regulatory uncertainties.
Why is the Judge’s Ruling on XRP Being Not a Security Important for the Cryptocurrency Market?
Judge Rules XRP Is Not a Security
The Ripple-SEC case that has been ongoing since 2020 has finally reached a significant milestone after much anticipation. The judge presiding over the case ruled that XRP is not a security.
The news that Ripple’s XRP is not a security received a positive response from the crypto market. The impact of the ruling was clearly seen in the subsequent price movement. XRP achieved its largest single-day price increase, indicating an excessive accumulation.
Prior to the court ruling news, XRP had been fluctuating around the year’s low support level. It dropped to as low as $0.469 in the past 24 hours and rose to $0.94 five hours after the announcement was made.
The impressive price movement of XRP clearly highlights the significance of the court ruling. The announcement triggered a wave of demand following a surge in social dominance. A rapid increase in transaction volume on the chain followed shortly after.
Is it the beginning of a new era for the crypto market?
This landmark ruling is not only significant for XRP or Ripple but for the entire crypto market as a whole. It sets a precedent for future decisions regarding cryptocurrencies and blockchain projects. In other words, it paves the way for regulatory clarity and has the potential to increase trust in the crypto investment environment.
Therefore, it appears that the announcement triggered bullish activity not only in XRP but also in many other top-ranking cryptocurrencies. Ripple’s major win could also open the doors to more opportunities. The company faced hurdles in forming potential partnerships due to regulatory uncertainties.
This was particularly relevant in the case of potential partners in the banking industry. The ruling could create new opportunities in this regard.
Is Ripple’s victory a sign of a new bull market beginning?
The market’s response to Ripple’s legal victory already proves the significance of the ruling. More importantly, it is a black swan event occurring during a period of uncertainty.
XRP’s victory has already generated strong trading volume, but will it be sustainable? The market is now focusing on spot ETFs awaiting regulatory approval. If ETFs are approved, the bull demand may prevail.
