SOL, MATIC, ADA Tokens Surge Following XRP Ruling

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SOL, MATIC, ADA Tokens Surge Following XRP Ruling

Coindesk2023/07/13 19:14

By:Krisztian Sandor

A federal judge on Thursday ruled he sale of Ripple’s XRP tokens on exchanges and through algorithms did not constitute investment contracts.

Cryptocurrencies that the U.S. Securities and Exchanges Commission (SEC) deemed unregistered securities in last month's lawsuits against Coinbase and Binance have posted double-digit percentage gains on the news of a favorable court ruling regarding Ripple's XRP.

Solana's (), Polygon's (), and Cardano's () are all higher by roughly 15% in Wednesday afternoon action.

In the seminal U.S. Securities and Exchange Commission (SEC) case filed in 2020 against blockchain platform Ripple, a U.S. District Court Judge in the Southern District of New York that the sale of Ripple’s tokens on exchanges and through algorithms did not constitute investment contracts.

While it wasn't a complete victory for Ripple – the judge also ruled that institutional sale of the tokens did violate federal securities laws – the news has sent XRP soaring by 54% in afternoon trade.

Edited by Stephen Alpher.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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