The price of XRP surged by 8% on Wednesday after Ripple Labs won a major victory in its ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC).
The SEC had accused Ripple of selling XRP as an unregistered security, but a federal judge ruled that the agency had failed to provide enough evidence to support its case.
The ruling is a major setback for the SEC, which has been pursuing Ripple for over two years. It is also a positive sign for the crypto industry, which has been watching the case closely.
The price of XRP rose to a high of $0.84 on Wednesday, its highest level since January 2022. The cryptocurrency is still down significantly from its all-time high of $3.84, which it reached in January 2018.
The SEC is expected to appeal the ruling, but it is unclear if the appeal will be successful. The ruling is a major victory for Ripple and could have a significant impact on the future of the crypto industry.
Here are some additional details about the case:
- The SEC filed its lawsuit against Ripple in December 2020.
- The SEC accused Ripple of selling XRP as an unregistered security.
- Ripple argued that XRP is not a security and that the SEC’s lawsuit was a “witch hunt.”
- A federal judge ruled in favor of Ripple on Wednesday.
- The SEC is expected to appeal the ruling.