XRP’s Historical Winning Day: Highlights Of The Day 1
By Nilesh Hembade 14-July-2023 12:48 AM GMT
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Introduction:
The historical announcement yesterday (13 July 2023), Judge Torres declared XRP, the cryptocurrency associated with Ripple, as a non-security. This historical decision sent shockwaves through the cryptocurrency market, and XRP experienced a day of remarkable achievements. Let’s delve into the highlights of this momentous day.
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XRP Skyrockets
Following the news, the price of XRP soared to $0.8147, representing a staggering increase of 72.34% within a 24-hour period. Prior to the announcement, XRP was trading at $0.4707. The surge in price demonstrated the market’s enthusiasm for the favorable ruling.
XRP reached a high of $0.88 within the past 24 hours, marking a significant milestone for the cryptocurrency.
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Altcoins Takeoff
a. Solana (SOL): Solana, a prominent altcoin, saw an increase of 32.51% within the past 24 hours, reaching a trading price of $28.51. The positive sentiment surrounding XRP’s win contributed to the overall boost in altcoin prices.
b. Cardano (ADA): Cardano, another major cryptocurrency, witnessed a substantial surge of +$0.364 or 26.78% in the last 24 hours. This remarkable increase showcased the broader impact of XRP’s victory on the cryptocurrency ecosystem.
c. Polygon (MATIC): Polygon, an emerging player in the crypto space, also experienced an upward movement. With a gain of +$0.8469 or 18.19% within the past 24 hours, Polygon demonstrated the positive sentiment permeating the market following XRP’s non-security status.
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Coinbase, Kraken & Gemini Set to Relist XRP
The favorable ruling prompted major cryptocurrency exchanges to reconsider their stance on XRP and reintroduce it to their platforms.
a. Coinbase: Coinbase, the largest crypto trading platform in the United States, announced its decision to re-enable trading for XRP on the XRP network. Coinbase was among the first exchanges to delist XRP when the markets regulator sued Ripple Labs in December 2020.
The trading of XRP is now live on Coinbase.
b. Kraken: Kraken exchange also made a noteworthy announcement, stating that they would list XRP once again. As of now, XRP trading has already commenced on Kraken, providing users with renewed access to this popular cryptocurrency.
c. Gemini: Following the positive news for the Ripple XRP community, Gemini, a prominent crypto exchange, expressed its interest in exploring the listing of XRP for both spot and derivatives trading. At the time of writing, XRP trading has not yet gone live on the Gemini Exchange, but the consideration itself is a positive development.
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Cardano Founder on XRP Win
Charles Hoskinson, the founder of Cardano, hailed XRP’s win as a significant advancement for the broader cryptocurrency ecosystem. He described it as a “giant leap,” emphasizing the positive implications of the ruling beyond XRP itself.
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FAQ
Judge Torres declared XRP, the cryptocurrency associated with Ripple, as a non-security.
Coinbase, the largest crypto trading platform in the United States, announced that it will re-enable trading for XRP on the XRP network. Kraken has also listed XRP for trading, while Gemini is exploring the possibility of listing XRP for both spot and derivatives trading.
Charles Hoskinson, the founder of Cardano, described XRP’s win as a significant milestone for the broader cryptocurrency ecosystem.
Being labeled as a non-security provides regulatory clarity for XRP and Ripple. It indicates that XRP is not considered an investment contract or subject to the same regulations as securities
XRP’s new non-security status could bring increased confidence and legal certainty to the cryptocurrency. It may result in broader adoption and further growth opportunities for XRP within the cryptocurrency market.
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Conclusion
The first day after XRP’s historical decision witnessed an extraordinary surge in its price, significant altcoin gains, and major exchanges embracing its relisting. The impact of this ruling goes beyond XRP, resonating throughout the cryptocurrency market and fostering optimism for the future of digital currencies.
As the market continues to react to this groundbreaking news, it remains to be seen how XRP’s new non-security status will shape its trajectory and the broader cryptocurrency landscape.
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