XRP surged more than +27% in the last hour, following a tweet made by crypto newswire “DB” about twenty minutes ago.
[DB] Ripple Sales of XRP Do Not Constitute Offer of Investment Contracts: Judge
— db (@tier10k) July 13, 2023
“Ripple Sales of XRP Do Not Constitute Offer of Investment Contracts: Judge”, the tweet stated, referring to the years-long lawsuit between the US Securities and Exchange Commission (SEC) and Ripple, the US fintech behind the XRP Ledger and its native coin, XRP.
The positive resolution of the Ripple lawsuit could have a major impact on the broader cryptocurrency market and set a precedent for 68 cryptocurrencies that the regulator has identified as securities so far. In the best-case scenario for Ripple and the broader crypto market, the judge could determine that XRP is not a security and does not need to abide by US securities laws.
Following the tweet, the price of XRP surged from $0.47 to a multi-month high of more than $0.60.
We’ll update the story once more information becomes available.
It is worth noting that Ripple’s CEO, Brad Garlinghouse, has mentioned on numerous occasions that Ripple might consider going public after the lawsuit between the company and the regulator ends. Watch the video to learn more.
Source: https://coincodex.com/article/29962/xrp-not-a-security-xrp-price-surges/