XRP, the cryptocurrency that fuels Ripple’s payments ecosystem, has spiked nearly 29% in less than an hour after word spread that a judge ruled in the United States Securities and Exchange Commission (SEC) case against Ripple Labs.
The price of XRP sits above $0.60 as of this writing, according to data from CoinGecko, marking a nearly 29% increase over the last 24 hours. Prior to the news, the coin was trading for about $0.47 over the past day.
XRP hasn’t traded at $0.60 since May 2022, ahead of a market-wide plunge that affected the broader cryptocurrency space. The price of Ripple has also arguably been depressed by the ongoing legal challenge from the SEC.
The federal judge presiding over Ripple Lab's case against the Securities and Exchange Commission has ruled that the XRP token "is not necessarily a security on its face"—except when it was sold to raise funds from institutions.
Federal district judge Analisa Torres ruled that programmatic sales to public buyers and distributions of XRP to Ripple Labs employees did not constitute the sale of unregistered securities. The court did not address secondary market sales of XRP on cryptocurrency exchan...
The impact of the ruling remains to be seen. The judge ruled that programmatic sales of XRP do not qualify as securities, but institutional sales of XRP do qualify the coin as a security.
That potentially opens the doors to a new paradigm in which the way a cryptocurrency is sold—and the marketing and messaging tied to it—may dictate whether it qualifies as a security.
We said in Dec 2020 that we were on the right side of the law, and will be on the right side of history. Thankful to everyone who helped us get to today’s decision – one that is for all crypto innovation in the US. More to come.
Brad Garlinghouse, the CEO of Ripple Labs, celebrated the decision in a tweet Thursday.
"We said in Dec. 2020 that we were on the right side of the law, and will be on the right side of history," he wrote. "Thankful to everyone who helped us get to today’s decision—one that is for all crypto innovation in the U.S. More to come."
Top college football prospect Matai Tagoa’i is set to join football stars like Russell Okung, Odell Beckham Jr., and Trevor Lawrence by receiving his compensation in Bitcoin.
The linebacker will be paid part of his earnings via the Strike app after signing a “name, image, and likeness” (NIL) deal with the University of Southern California (USC).
The exact details of his package are not known, but some college football players, such as Shedeur Sanders, have received estimated payouts of up to $4....
The world’s largest asset manager BlackRock just debuted a new advertisement proselytizing the virtues of Bitcoin, but rather than cheer on the Bitcoin ETF issuer for its efforts, Bitcoiners aren’t happy.
The video, which is housed on the iShares Bitcoin Trust (IBIT) ETF page on BlackRock’s website, spends three minutes walking viewers through the evolution of money and key fundamentals of Bitcoin.
One of those fundamentals is Bitcoin’s 21 million fixed token supply.
While the video explains t...
El Salvador may have reached a deal with the International Monetary Fund that will see the tiny country scale back its Bitcoin law—but it’s still going to “HODL.” And it might even step up its BTC buys.
That’s according to Stacy Herbert, the head of El Salvador’s National Bitcoin Office, who wrote on X (formerly known as Twitter) Thursday that the country may even continue buying the cryptocurrency at an “accelerated pace” going forward.
El Salvador in 2021 made Bitcoin legal tender along with...
