Saturday, June 22, 2024

XRP Price Soars as Judge Declares Ripple’s Programmatic Crypto Sales Non-Securities

XRP Price Skyrockets 59% Following Landmark Judge Ruling in SEC vs. Ripple Case.

In a highly anticipated ruling that has captured immense attention, XRP has experienced a remarkable surge in price by 59%. This surge comes in the wake of Judge Analisa Torres’ verdict in the closely scrutinized case of the U.S. Securities and Exchange Commission versus Ripple.

Starting the day at $0.47, XRP has now surged to $0.75 after Judge Torres concluded that Ripple’s automated, open market sales of XRP should not be classified as securities.

Judge Torres highlighted the unique nature of Ripple’s Programmatic Sales, describing them as blind bid/ask transactions where buyers were unaware if their payments were going to Ripple or other XRP sellers. It was also revealed that these sales accounted for less than 1% of the global XRP trading volume since 2017. Consequently, the majority of individuals who purchased XRP from digital asset exchanges did not invest in Ripple.

Furthermore, the judge dismissed the SEC’s allegations that Ripple executives Brad Garlinghouse and Chris Larsen engaged in an unregistered securities offering through the sale of XRP.

However, the judge did rule in favor of the SEC’s assertion that Ripple’s direct sales of XRP to institutional participants constituted a securities offering.

Judge Torres explained that institutional buyers knowingly purchased XRP directly from Ripple under contract, while Programmatic Buyers were similar to secondary market purchasers who were unaware of the recipient of their payments. The judge emphasized that the Institutional Buyers, being sophisticated entities such as institutional investors and hedge funds, were well aware of Ripple’s marketing campaign and public statements linking XRP’s price to the company’s efforts.

The outcome of this case has reverberated throughout the altcoin markets, leading to significant increases in various cryptocurrencies. At the time of writing, Ethereum has surged by 6% in the past 24 hours, Cardano has risen by 16%, and Solana has experienced an impressive 19% upswing.”

Read Also: Powering the Next Generation of Gaming: XBorg Sells Out $2 Million Seed Round Community Allocation

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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