XRP isn’t the only crypto asset that’s soaring after a groundbreaking ruling was issued Thursday in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple.
XRP challenger and payments blockchain Stellar (XLM) pumped by more than 57% on Thursday, going from trading around $0.095 at the beginning of the day to $0.144 at time of writing.
The 21st-ranked crypto asset by market cap is also up more than 74% in the past month, though it remains more than 83% down from its all-time high of more than $0.875, which it hit all the way back in January 2018.
The SEC sued Ripple in late 2020, alleging that the San Francisco-based payments company sold XRP as an unregistered security.
Judge Analisa Torres sent shockwaves through the crypto ecosystem on Thursday when she ruled that Ripple’s automated, open market sales of XRP are not securities.
However, she did side with the SEC in its assertion that Ripple’s direct sales of XRP to institutional participants did represent a securities offering. The court plans to issue a separate order setting a trial date for Ripple and the SEC “in due course.”
XRP itself is up nearly 62% in the past 24 hours. The 4th-ranked crypto asset by market cap is trading for $0.748 at time of writing.
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