The past seven days will go down in history as the week when Ripple scored a massive win in court against the United States Security and Exchange Commission. In fact, the news is so important that it’s hard to talk about anything else. However, it’s worth mentioning that the entire market took to the skies following the development, and BTC is finally trading above $31K, while ETH is above $2K.
Now, let’s dive into some specifics.
More than three years ago, the SEC filed a lawsuit against Ripple, alleging that the company conducted an unregistered sale of securities, essentially claiming that its XRP token constitutes a security. More specifically, the agency also alleged that secondary sales of XRP also constitute investment contracts, pushing many cryptocurrency exchanges to delist it.
Over the years, this has taken a massive toll on XRP as investors were staying away in anticipation of some sort of resolution. And while the case might not be over and headed to trial, Ripple scored a monumental win this week.
US Judge Analisa Torres stated that secondary sales of XRP do not constitute an investment contract. This had immediate implications on the entire industry because other altcoins that were also named in various SEC filings might also be off the hook. A lot of the exchanges that had previously delisted XRP immediately re-listed it.
The token soared by over 70% in the hours after the ruling.
The news also pushed the entire market up. Bitcoin is up 3% over the past 7 days, ETH – 7%, BNB – 9%, ADA – 22%, SOL – 31.7%, MATIC – 26%, and so forth. It’s worth noting that a whole lot of these (except ETH) have been named securities by the SEC on previous occasions.
In any case, much is left unresolved when it comes to the clash between the cryptocurrency industry and the US Securities and Exchange Commission, but it’s an undeniable fact that this week’s ruling was a huge win for the former.
Market Data
Market Cap: $1,182B | 24H Vol: $36B | BTC Dominance: 44.1%
BTC: $26,922 (+1.2%) | ETH: $1,881 (+3%) | BNB: $304 (-0.6%)
This Week’s Crypto Headlines You Can’t Miss
Ripple’s Secondary Sales of XRP Not an Investment Contract: Judge Rules Following Over 3-Year Long Legal Battle. Judge Analisa Torres ruled that secondary sales of XRP tokens do not constitute an investment contract, securing a massive win for Ripple in a legal battle that has been ongoing for more than three and a half years. However, the story is far from over.
XRP Price Explodes Over 70% as Judge Rules In Favor of Ripple in SEC Case. The price of XRP took for the skies, exploding by more than 70% in a few hours. This happened immediately after a US court ruled that secondary sales of the token are not investment contracts, seriously undermining the positions of the country’s Securities and Exchange Commission.
Ethereum Network Almost Twice as Busy as Bitcoin: Data. According to a recent report, the Ethereum blockchain is almost twice as busy as that of Bitcoin. The above conclusion takes into account daily transactions, with Ethereum clocking in at close to a million.
Binance Turns Six: The Journey So Far in the Eyes of CEO Changpeng Zhao. The world’s largest exchange by means of trading volume has turned six years old this week. Here’s what its CEO and one of the most prominent figures in the industry – Changpeng Zhao – had to say about it.
Ripple’s Partial Win in XRP Case Sparks Alt Rally as PoS Coins Post Impressive Gains. Albeit partial, Ripple’s win in court against the SEC was significant. It also propelled massive increases in the price of other PoS-based tokens such as BNB, ADA, SOL, MATIC, and COTI.
Ex-Celsius CEO Alex Mashinsky Arrested, SEC Files Against Celsius (Report). Alex Mashinsky, the former CEO of Celsius Network, was arrested earlier this week. The SEC has filed a lawsuit against him and the company. However, later, Mashinsky was released under a $40M bail.
Charts
This week we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana – click here for the complete price analysis.
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