Why is XRP price up today?

XRP price skyrockets following Federal Court ruling that altcoin is not a security. Market news Join us on social networks

The price of XRP (XRP) is up today following news that Federal District Judge Analisa Torres of the Southern District of New York has ruled against the Securities and Exchange Commission's assertion of United States that XRP is a security.

Shortly after the decision was made public, the price of XRP rose 64.74% to a one-year high of $0.77, with market participants taking the decision as a sign bullish for XRP.

XRP /USDT price. Source: TradingView

Ripple's long-running legal battle with numerous courts and ongoing investor concerns over the usefulness of XRP have long weighed on the altcoin's price. For at least a year, many analysts have speculated that a positive federal court ruling would result in a sharp rise in the price of XRP, a result that was validated on July 13.

United States District Judge Analisa Torres of the Southern District of New York granted summary judgment in favor of Ripple Labs on 3 out of 4 issues, saying that in certain scenarios, the XRP token is not not a security.

The decision comes nearly 3 years after the SEC filed the lawsuit against Ripple on December 22, 2022. An amended SEC complaint was subsequently filed on February 18, 2021.

Interestingly, other tokens that had recently been delisted by major exchanges over concerns that they were unregistered securities issuances also rose.

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