After a 30-month legal battle between Ripple and SEC (Securities and Exchange Commission), the crypto community made a landmark win.
That is; after Judge Analisa Torres of the U.S District Court ruled yesterday July 14, that Ripple’s programmatic sales of its native token XRP crypto didn’t qualify as a financial security.
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Fast Facts
- The groundbreaking victory boosted the confidence of crypto investors. As a result, the price of Bitcoin rose dramatically up to US$31,736 today.
- Similarly, the price of Ether rose to US$2,022 which is a high for the token since last year May which is an increase of 6.88%
- There is no more doubt that yesterday’s landmark judgment in favor of Ripples XRP tokens boosted the price of Bitcoin. “It drove the long-anticipated US$31,000,” says the chief investment officer of Yield App, Lucas Kiely. He further added that more positive news such as this from financial institutions will likely boost the prices of Bitcoin more.
- Just from July 7 up to July 14, the price of Bitcoin increased by 3.46% which amounts to US$31,222 around 7.30 p.m.
- Today, July 14, in Hong Kong, the world’s largest crypto by market cap has been selling above the US$30,000 mark for the entire week.
- Another positive news for the community came from Europe’s first Bitcoin ETF (Exchange-Traded Fund). After a 1-year delay, the fund is anticipated to be listed in July.
- Likewise, “more positive facilitators are needed to motivate more investor sentiment in the community and to keep Bitcoin over the US$31,000,” say, Jonas Betz, a cryptocurrency market analyst and founder of Betz Crypto, a consulting firm.
Market Reactions
As of the time of this writing, the top gainers are XRP which has increased its value by 63.51%.
Pepe PEPE also increased its value by 17.32%, while BullBear AI AIBB increased by 29.11%.