The cryptocurrency community is buzzing. A standout decision by Judge Analisa Torres of the United States District Court has given Ripple Labs the upper hand. On Oct. 3, she halted the U.S. Securities and Exchange Commission’s (SEC’s) bid to appeal its preceding loss to Ripple, the creators of the XRP token.
The Legal Landscape Shifts
Previously, a court ruling in July determined that retail sales of the XRP token didn’t classify as a legal security. Challenging this, the SEC cited significant “differences of opinion” about the involved laws. Yet, Judge Torres saw it differently, indicating that the SEC’s arguments lacked substantial legal grounding.
XRP Price Today: A Noticeable Surge
After the pivotal announcement, XRP’s price experienced a significant uptick, climbing by almost 6%. As of the latest update, the XRP price stands at $0.4991, with a 24-hour change of -0.0206, marking a decrease of 3.96%. The highest price within the past 24 hours peaked at $0.5201, while the lowest dipped to $0.4875. Additionally, the 24-hour trading volume for XRP is recorded at 321,611,455.00.
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Although this appears to be a dent in the SEC’s armor, the legal battle isn’t over. Judge Torres has marked April 23, 2024, on the calendar for a trial that aims to clarify the lingering questions in the case.
In Conclusion
Navigating the intricate legal corridors of cryptocurrency, the Ripple-SEC tussle emerges as a landmark. For Ripple supporters, this might seem like a victory lap. However, its larger impact on the crypto domain is still materializing, emphasizing the criticality of transparent regulatory paths in a dynamic financial realm.
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Source: https://cryptoticker.io/en/ripple-sec-verdict-impact/