Ripple’s XRP Token Surges 96% After Partial Victory in SEC Lawsuit
XRP climbed as high as 93 cents at one point, its highest level since March 2022.
Jul 13, 2023 at 4:44 p.m. UTC
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XRP’s price has skyrocketed 96% in the past day, climbing the most among the largest cryptocurrencies by market capitalization after a U.S. judge ruled the sale of XRP tokens on exchanges did not constitute investment contracts.
XRP climbed to as high as 93.8 cents, according to data from CryptoWatch, its highest level since March 2022, before settling to 81 cents at the time of publication.
The price action comes immediately after the District Court for the Southern District of New York said the “offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts,” as “the record cannot establish the third Howey prong to these transactions.”
Uphold, one of the few crypto exchanges where investors can purchase XRP, is experiencing internment issues, “due to high demand,” according to its Twitter account.
UPDATE (July 13, 2023, 21:49 UTC): Updates to correct previous headline.
UPDATE (July 13, 2023 18:26 UTC): Updates to reflect new high prices.
UPDATE (July 13, 2023 20:39 UTC): Adds context in headline for price action.
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Sage D. Young was a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.