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SOL, MATIC, ADA Tokens Surge Following XRP Ruling
A federal judge on Thursday ruled he sale of Ripple’s XRP tokens on exchanges and through algorithms did not constitute investment contracts.
Updated Jul 14, 2023, 2:53 p.m. Published Jul 13, 2023, 6:31 p.m.
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 (SOL), Polygon's (MATIC), and Cardano's (ADA) are all higher by roughly 15% in Wednesday afternoon action.
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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 ruled Wednesday that the sale of Ripple’s XRP 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.
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