- The cryptocurrency market is closely monitoring the outcome of the ongoing Ripple SEC lawsuit, which has lasted for five years.
- The recent summary judgment in the Ripple SEC case has sparked a rally in Ripple’s native token, XRP, and an increase in crypto spot volumes.
- The decision not to classify Ripple’s XRP sales as securities sales has led to an increase in spot crypto trading volumes.
Ripple SEC Lawsuit Outcome Sparks Optimism in Crypto Investors
The cryptocurrency community has been closely observing the five-year-long lawsuit between Ripple Labs and the SEC. A recent summary judgment in this case has stirred up a wave of optimism among crypto investors. This is primarily because the judgment was in Ripple’s favor, leading to a significant surge in the value of its native token, XRP, by nearly 80%. This positive outcome also resulted in noticeable increases in cryptocurrency spot volumes.
Ripple’s XRP Sales Not Classified as Securities Sales
The court’s decision not to categorize Ripple’s XRP sales as securities sales has had a significant impact on the crypto market. Specifically, it has led to an increase in spot crypto trading volumes. According to data from The Block, the trading volume on spot exchanges rose from $12.74 billion on July 12 to $16.56 billion on July 14.
Uncertainty Surrounds the Future of the Ripple Case
Despite the current optimism, there remains a degree of uncertainty about the future of the Ripple lawsuit. However, following a judge’s decision in New York, there has been an observed increase in the stocks of crypto exchanges like Coinbase and in cryptocurrencies like XRP, according to market news. This could indicate increased market activity and a positive response from investors. However, the progression and outcome of the lawsuit could continue to influence the cryptocurrency markets.
