JAKARTA - The crypto market has experienced major shocks after a legal decision supporting Ripple Labs Inc in a legal battle with the United States Securities and Exchange Commission (SEC). Ripple-affiliated digital currency, XRP, has experienced a significant price spike and has reached its fourth-largest cryptocurrency position by market cap.
The court's decision stated that XRP's sales and offerings were not investment contract sales, sending shock waves across the crypto market. Within hours of the decision, the price of XRP jumped 98 percent and reached a level of 0.93 US dollars (Rp14,200) according to data from TradingView.
This resulted in a surge in XRP's market cap by 21.2 billion US dollars (Rp318 trillion) which pushed it to reach a new annual high of 46.1 billion US dollars (Rp691 trillion). At the time of writing, XRP's market capitalization reached 41.5 billion US dollars (Rp622 trillion), allowing XRP to surpass Circle's USD Coin (USDC) and BNB Binance tokens in the rankings.
This surge in XRP prices highlights the importance of regulatory clarity in the crypto market. Investors seek clarity on the status of digital assets and potential restrictions in the future, and this court decision gives investors new trust in XRP. However, it should be noted that the legal battle between Ripple and the SEC is not over yet, and the final result of this lawsuit will have broad implications for XRP and its regulatory status.
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In addition to the XRP price spike, this court decision also affects the crypto ecosystem as a whole. There has been an unexpected increase in trading activity on several crypto exchanges following the decision.
One of the affected exchanges is the Uphold, a US-based crypto exchange, which is experiencing an unprecedented volume of trading activity. This caused technical difficulties and the Uphold platform had experienced temporary disruption.
In addition, legal decisions supporting Ripple also affect XRP re-listing on some of the leading US crypto exchanges. Coinbase Global Inc (NASDAQ: COIN), the largest crypto exchange, announced XRP re-listing shortly after the court's decision. Kraken, another leading crypto platform, and iTrustCapital are also following the same steps.
The XRP cross section by these large exchanges shows an increased confidence in the XRP regulatory status after the court's decision. It also signifies the willingness of these exchanges to provide access to their users to a wider range of digital assets, including XRP.
This legal decision has created turmoil in the crypto market, reminding investors and market players of the importance of clear and reliable regulation. Further developments in the legal battle between Ripple and the SEC will continue to be in the spotlight, as the final results will have a significant impact on XRP and regulation in the crypto market.
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