Ripple Rides the Wave of Success: SEC Showdown and XRP's Meteoric Rise!
Hey GM GM,
Here’s what we’ve got for you today:
📢 Ripple Labs scored a partial victory in its fight with the U.S. Securities and Exchange Commission (SEC)
🚀 XRP Overtakes BNB to Become 4th Largest Cryptocurrency; Funding Rates Surge
Meme of the day
🚨 Crypto Clash: Ripple's Legal Win and Celsius Co-founder's Arrest Shake the Market!
A U.S. judge issued a pre-trial ruling yesterday in the SEC’s lawsuit against Ripple (it was made in the same court as the SEC vs. Coinbase case: the U.S. District Court for the Southern District of New York.)
In the epic battle of Ripple versus the SEC, there's finally a winner! Well, kind of. The court ruled that selling XRP tokens on exchanges and through algorithms doesn't make them investment contracts. Hooray for Ripple! But, hold on, the institutional sales of XRP were deemed a violation of securities laws. Bummer!
Down Goes Gary! Down Goes Gary!
Despite this mixed verdict, XRP took off like a rocket, soaring 80% and knocking Binance's BNB token off its pedestal to become the world's fourth-largest digital asset. Way to go, XRP!
But, don't pop the champagne just yet. Ripple got slapped with another punch: the court found them guilty of violating securities laws through direct sales to institutional investors. Ouch!
Meanwhile, in another thrilling crypto saga, Celsius's co-founder, Alex Mashinsky, had his own plot twist. He was arrested after the company's collapse on a laundry list of charges, including securities fraud and manipulating the price of Celsius' token CEL. The drama doesn't end there, as the SEC, CFTC, and FTC are all joining the party with their lawsuits against Mashinsky and Celsius.
In the world of cryptocurrencies, there's never a dull moment! Buckle up, because the rollercoaster ride continues!
XRP Overtakes BNB to Become 4th Largest Cryptocurrency; Funding Rates Surge
XRP's market capitalisation surged by more than 60% to $41.44 billion in the past 24 hours.
🚀 XRP Rockets to 4th Largest Cryptocurrency 🚀
Move aside BNB, XRP is back with a bang! The payments-focused crypto just leapfrogged its way to become the world's fourth-largest digital asset by market cap. And it did so with style, boasting a $41.44 billion cap, a whopping 66% surge in just 24 hours! Who needs a gym when you've got XRP's moves?
But hey, what's the secret behind this stellar rise? It seems like Ripple Lab's legal victory against the SEC played a major role. The court ruled that XRP's sale on digital asset exchanges wasn't an investment contract - in your face, SEC! However, the court also gave a wagging finger to Ripple for directly selling over $700 million worth of XRP to institutions, hedge funds, and other parties without proper clearance.
Ripple’s XRP Token Surges 96% After Partial Victory in SEC Lawsuit
XRP is on a roll! The cryptocurrency's price shot up a staggering 96% in just one day, leaving its rivals in the dust. The reason behind this meteoric rise? A U.S. judge ruled that the sale of XRP tokens on exchanges wasn't an investment contract - music to XRP holders' ears!
Hitting a high of 93.8 cents, XRP danced its way to the top, reaching levels not seen since March 2022. Currently resting at a respectable 81 cents, XRP seems to have found its groove again.
So, what's next for our victorious coin?
The ruling opened the floodgates for centralized exchanges to re-list XRP. Crypto.com's already on board, and Gemini's sniffing around for a piece of the action. But hey, don't pop the champagne just yet. Some experts say XRP's still in the "security" zone, raising questions about its legality and potentially bringing some class-action drama for those institutional investors involved.
One thing's for sure - the cryptocurrency world is never short on drama and surprises. Keep your eyes peeled as XRP's rollercoaster journey continues. 💸💼