The cryptocurrency ecosystem has spoken since July 14 about the partial victory of Ripple, the developer of the XRP currency, over the US Securities and Exchange Commission. The currency rose 75% after the court decision.
The lawsuit, which has confronted Ripple and the US Securities and Exchange Commission (SEC) since 2020, the developer of XRP, the world’s fourth largest cryptocurrency by market capitalization, according to CoinMarketCap data, made progress with the decision announced on July 14. In the decision, announced by US district judge Analisa Torres, it was stated that Ripple did not violate federal securities law by selling XRP cryptocurrency on public exchanges. The decision was described as a cryptocurrency’s first partial victory over the SEC and was greeted with enthusiasm by investors.
In 2020, the US securities and stock market regulator, the SEC, sued Ripple, claiming that it had marketed XRP as a security to investors in an unregistered manner and earned $1.4 billion. The decision, which came after two years and stipulated that Ripple did not violate any securities laws, was also interpreted as a turning point for the cryptocurrency industry. Following the decision, the value of the XRP cryptocurrency rose 75% by Friday evening, according to data from Refinitiv Eikon.
The global cryptocurrency markets are considered an important step forward for the industry. There were even names in the House of Representatives calling for the resolution to be turned into a law. Cryptocurrency exchanges, which previously stopped listing the cryptocurrency due to the Ripple lawsuit, started the re-listing processes. The news in question has been making the headlines since the day the decision was announced,” he said.
Noting that the Ripple decision also benefited the crypto ecosystem in general, “According to Coinecko data, the total value of crypto money markets increased by 5.7% in the 24 hours following the decision, and the total market value rose to $ 1.3 trillion. Ripple, just like the meaning of its name in English, caused a ‘ripple effect’. Recently, crypto-currency investors, especially crypto-oriented investment companies, supported the crypto-oriented steps and the route became clear in the USA. rises for the first time in three months News about Ripple’s appeal process with the new weekend comments began to appear. While Brad Garlinghouse, CEO of Ripple, is of the opinion that the SEC will remain silent for a while before filing an appeal, one of the former officials of the SEC pointed out that partial victory may be short-lived if an appeal is filed. It seems that the issue of Ripple will remain on the agenda for a long time.”
Ripple’s technology chief David Schwartz shared a warning that one should be careful about possible fraudulent attempts after the news. It can convey developments such as airdrops and campaigns that do not exist to significant audiences through fake sites and social media accounts. As stated in the statement made by the company, it is known that there is no official campaign on XRP.