The Reason Why Ripple (XRP) Price is Increasing Today

2023-10-04 05:14:06

TL;DR

XRP’s price increased by 3.7% in the past 24 hours, outperforming most other cryptocurrencies which were trading in the red.
This surge in XRP price was driven by the dismissal of the SEC’s appeal in the Ripple lawsuit.

XRP Price Leads Market Gains

Ripple’s XRP has increased by some 3.7% in the past 24 hours in a market that is otherwise trading in the red.

As you can see in the following heatmap, most of the cryptocurrencies are charting losses in the range between 0.5% and 5%.

Source: Quantify CryptoRipple’s XRP seems to be the only coin that’s charting considerable gains, and there’s a precise reason for it.

AsCryptoPotatoreported earlier, Judge Analisa Torres dismissed the appeal of the United States Securities and Exchange Commission in the case against Ripple.

As a result, the XRP price soared by 5%, but it has retraced a bit to where it currently trades.

The Ripple v. SEC Lawsuit So Far

The case has been going on for almost three years now, and the judge has now set a date for trial – April 16, 2024.

The rejected appeal in question was related to a decision of the court from July this year when it was determined that secondary sales of XRP did not constitute an investment contract. In other words, the court determined that in that specific case, XRP is not a security.

The Commission didn’t like the outcome and subsequently appealed the decision – an action that’s now been tossed.

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