The reason behind the rise in the price of Ripple (XRP) today Cryptocurrency scrgruppen

Turkish lire; Dr

  • The price of XRP rose 3.7% in the past 24 hours, outperforming most other cryptocurrencies that were trading in the red.
  • This rise in XRP prices was driven by the rejection of the SEC’s appeal in the Ripple lawsuit.

XRP price is driving market gains

The value of Ripple’s XRP coin has risen by about 3.7% over the past 24 hours in a market that is trading in the red.

As you can see in the following heatmap, most cryptocurrencies are recording losses between 0.5% and 5%.

Source: Quantify Crypto

Ripple’s XRP seems to be the only coin making significant gains, and there’s a specific reason for that.

like CryptoPotato As previously reported, Judge Analisa Torres dismissed the SEC’s appeal in the case against Ripple.

As a result, the price of XRP rose by 5%, but retreated slightly to where it is currently trading.

Ripple’s lawsuit against the SEC so far

The case has been ongoing for nearly three years, and the judge has now set a trial date – April 16, 2024.

The rejected appeal in question was related to the court’s decision in July of this year when it was decided that secondary sales of XRP did not constitute an investment contract. In other words, the court decided that in this specific case, XRP is not a security.

The committee did not like the result, so it appealed the decision – a procedure that has now been overturned.

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