Cryptomind analyzes the case of Ripple's price surge after winning the lawsuit with the US SEC.
Ripple Labs won a victory in the U.S. District Court for the Southern District of New York on July 13, 2566, when Judge Analisa Torres ruled in favor of Ripple Labs in a case filed by the U.S. Securities and Exchange Commission (SEC), with retroactive effect to 2020.
"According to documents filed on July 13, 2566, Judge Analisa Torres ruled that Ripple Labs' sale of XRP tokens on the secondary market does not constitute securities trading."
After the news was released via Twitter by Watcher.Guru on the night of July 13, 2566, at 22:45 PM, the price of XRP surged by over 98% within just 3 hours. This was due to the easing of factors that had been suppressing XRP's price, positively impacting other altcoins as well.
It can be seen that the coins whose price has increased are altcoins that the US SEC has previously claimed to be securities, such as XRP, SOL, ADA and MATIC, whose prices had previously dropped heavily. and can surge back up from the latest news. Meanwhile, the price of Bitcoin rose only slightly. Although there was another news last night about the approval of a Bitcoin ETF Spot in Europe.
But from the contents of the court documents, it can be found that Ripple has won the lawsuit but is not yet complete. Because there is still the issue of selling XRP to institutions, XRP will still be considered a security. But the winning part is opening sales to retail investors on various exchanges that are not considered securities. Following a court ruling that selling XRP on the secondary market does not constitute fundraising, Coinbase, Binance US, and Gemini have resumed trading of XRP on their exchanges, and as a result, venture capital (VC) in the US may not be able to do so. It is as popular as before. The solution may come in the form of VCs moving out of the United States or raising funds through other means.
If we go into details in the court's decision. Can be separated into..
- Opening up for sale in the secondary market to retail traders (Exchange)
- Former CEO sells coins on secondary market
- Donating with XRP
Such causes are not considered fundraising. Therefore, it is not considered a security. And in any case, it is still considered a positive factor for the crypto market. Because the norm from this decision will immediately help resolve various issues from the previous lawsuits against Coinbase and Binance, and various projects that want to make coins already know the guidelines for not interfering with the institution.
In addition to the good news from the verdict in the Ripple case, another news came out at the same time: Jamie Khurshid, CEO of Jacobi Asset Management, announced the listing of the first “Spot Bitcoin ETF” in Europe on Euronext Amsterdam later this month. The ETF application was filed last year but was delayed by the collapse of Terra and the bankruptcy announcement of FTX, the former second-largest exchange in the world.
This event, combined with positive news from Ripple, caused Bitcoin's price to surge 2.37%, breaking through the resistance level of $31,000 immediately after the news. Following this, there was another level of volatility before reaching a new one-week high of $31,800. However, the price didn't rise sharply after that, suggesting investors are still awaiting clarification from the US Securities and Exchange Commission (SEC) on whether spot Bitcoin ETFs can be sold in the US.
However, when combining these two good news In addition, the US CPI number, which is used as a measure of inflation, is still lower than expected. Therefore, there is a chance that the next FED interest rate increase may be the last time. After that, the interest rate may be maintained until the end of the year. Because all policies can reduce inflation as expected. Overall, we still think there is a chance that the price will continue going forward after this. Even if the price has risen to a certain level.
